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Number Plates News
Car registrations reach record prices in China
17th September 2007
An auction of car registrations in China this weekend set the new Chinese record for a single car registration.
The price for a car number plate hit an all-time record high of almost 50,000 yuan (£3,330) at a monthly auction, with a record number of plates being sold.
There has been some speculation that the current auction system would be replaced by a new system at the end of the year, and this has been blamed for sparking the bidding wars seen at recent auctions.
The bottom level of car registrations surged in price to 48,600 yuan (£3,235) - an increase of 2,100 yuan (£140) from the previous month and the biggest jump since May.
This weekend's auction saw a record 8,500 car registrations up for auction in order to try and curb the price increases.
A car dealer, Shen Gang, said: "The number of car registrations still failed to meet the deman as more car buyers want to have car number plates for driving during the National Day holiday on October 1st. A lot of car owners who had failed at earlier auctions just decided to pay a higher rate."
Rumours are abound that Shanghai is gearing up to offer a new type of car registration from as cheap as 5,000 yuan (£330) or for a special bond to be issued, setting the price of car registrations at around 100,000 yuan (£6,600).