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License plates for private cars in Shanghai reach record high
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10:00, November 18, 2007

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The average bid for private car license plates in Shanghai hit a record high 54,000 yuan (7,267 U.S. dollars) in November, the second consecutive month prices surpassed 50,000 yuan.

At a monthly auction on Saturday, the average bid for the 7,500license plates on offer was 54,317 yuan, a 6.5 percent increase from the 51,000 yuan average in October, according to an auction source.

The lowest bid was 53,800 yuan at the auction that attracted nearly 10,600 buyers. The source declined to reveal the highest bid.

Shanghai started imposing quotas on car ownership in 1986 in an effort to control the increasing number of private cars and traffic congestion.

In 11 auctions held this year, the average bid was more than 40,000 yuan per plate.

Source: Xinhua

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