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September 21, 2014

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More winners at plate auction

THE success rate among bidders at yesterday’s license plate auction in Shanghai rose for a third month in a row after the government increased the number available.

A total of 122,219 people chased the 8,300 plates up for grabs — 900 more than last month — resulting in a success rate of 6.8 percent, or 0.7 points higher than in August.

The tally took the number of plates sold in the nine months through September to 69,000, leaving just 31,000 to be awarded before the end of the year. The municipal government said it would release 100,000 new plates in 2014.

This month’s slight increase in supply was expected with the National Day holiday approaching, and should go some way to easing the travel concerns of at least a few hundred holidaymakers.

The average winning bid price yesterday was 73,875 yuan (US$12,030), up 90 yuan from last month, with the lowest winning bid up 200 yuan at 73,800 yuan.

The ceiling of 72,600 yuan on first round bids has been key to keeping selling prices stable this year.




 

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