Despite the number of bidders dropping by nearly half compared with last month, the price of car plates still increased at the April auction held over the weekend.
The average price for a private car license plate rose 5,490 yuan (US$785) to 37,659 yuan at the auction, compared with 32,169 yuan for March, according to the Shanghai International Commodity Auction Co Ltd.
The lowest price climbed 6,000 yuan to 37,300 yuan month on month at Saturday's auction.
There were 37,072 people who bid either through telephone or the Internet ?? half the number in March.
Dealers said the prices rallied quickly because car sales were in the boom season and owners were eager to get their vehicles registered before the May Day holiday.
The municipal government put 9,000 plates under the hammer this month, less than last month but still at the high end.
Shanghai is the only city on the Chinese mainland to issue plates by auction, a system set up in 2000.
The aim is to restrict the rapidly expanding number of vehicles on the roads, ease traffic jams and reduce energy consumption.
(Shanghai Daily April 21, 2008)
