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License plate sale draws a crowd
http://www.ecns.cn/2015/04-19/162252.shtml
Apr 19th 2015, 00:47
A massive turnout yesterday at Shanghai's monthly license plate auction — likely caused by new restrictions on vehicles registered outside the city — meant that just one in every 18 bidders went home happy.
A total of 152,298 people registered for the sale — 19,608 more than in March — in the hope of landing one of the 8,288 plates up for grabs. The nominal success rate was one of the lowest ever at just 5.4 percent.
The average winning bid on the day increased by 5,929 yuan ($960) from last month to 80,759 yuan, while the lowest successful bid rose 6,000 yuan to 80,600 yuan.
Both figures were the highest since the introduction of a ceiling price system for opening bids.
New rules introduced on Wednesday that ban vehicles with out-of-town plates from the city's elevated highways for an extra two hours per day likely drove the surge in bidder numbers.
Though the extended restrictions are designed to reduce congestion in the city, many of the vehicles they affect are owned by Shanghai residents unable to secure local plates.
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