Shanghai plate prices hit new record

Shanghai (CNS) -- The price of car license plate in Shanghai hit a record high, exceeding 60,000 yuan (US$9,540) for the first time since the license plate auction policy was launched in the city in 1994. The record was created at an auction held on April 14.

The lowest closing price for car license plate was 61,000 yuan, and the average price rose to 61,626 yuan.

The city government has released a total of 32,500 new license plates since January 1, and it approved 8,500 new license plates just this month, 500 more than last month, with 22,706 individuals registered to bid.

Some car owners are pushed by the competitive bidding to resort to fighting over non-local car license plates. As the authorities in neighboring provinces such as Jiangsu, Zhejiang and Anhui have launched policies to restrain non-local applicants, desperate individuals are seeking registration in farther flung provinces such as Jiang Xi, Hubei and Henan.