Car plate auction concludes with 14,410 successful bidders
Shanghai's car plate auction for April concluded on Saturday, with 144,210 people bidding for 14,410 car plates.
The average winning price for a car plate was 90,494 yuan (US$12,778) this month, up 353 yuan compared with 90,141 yuan last month.
The lowest bidding price for April was 90,400 yuan, an increase of 300 yuan from 90,100 a month earlier.
The success rate of 10 percent this month is 1.1 percentage points higher compared with the rate of last month.
Up to 133,903 people bid in last month's Shanghai auction for car plates, with 8.9 percent of participants victorious.
Starting from March, Shanghai's quota of car plates has been increased compared with the previous months. This is one of a series of new policies to stimulate consumer demand for automobiles and boost the economy.
The city announced earlier that it has increased the supply of licence plates, which means adding 40,000 plates for non-commercial passenger cars starting from the end of March to the end of this year, according to the Shanghai Development and Reform Commission.
The quota of car plates was 11,970 in March and 13,500 in April. In January and February, Shanghai's quota of car plates was 8,612 and 7,966.