Shanghai car plate ceiling system a success

Source:Global Times Published: 2018/2/25 21:53:40

According to Shanghai International Commodity Auction Co (SICAC), the average price of a car license plate in February 2018 was 87,660 yuan ($13,800), and the success rate of bidding was 5.0 percent, a 0.4 percentage point decrease from January, reported Sunday.

The total number of private car bidders in February was estimated to be 220,831, while the availability quota of private car plates was only 11,098. The municipal government set an annual price ceiling of 86,300 yuan for private car bidding for 2018.

According to SICAC, the price ceiling in the fourth quarter of 2017 was 91,700 yuan, up 6,200 yuan from the first quarter of that year. The municipal transportation commission said that after the car-plate auction system was enforced, they have been controlling the total number of car plates and stabilizing the bidding price.

Posted in: PULSE

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