Car plate price hits 89,565 yuan (US$13,217) this month

Shanghai's car plate auction for January concluded this morning, with 168,614 people signing up for the auction of 12,832 car plates, making the success rate stand at 7.6 percent.

The average winning price for a car plate stood at 89,565 yuan (US$13,217) this month, up 2,057 yuan compared with 87,508 yuan last month.

The lowest bidding price for January was 89,500 yuan, an increase of 2,100 yuan from 87,400 a month earlier.

The success rate of 7.6 percent this month is 0.2 percentage points lower compared with the rate of last month. Up to 165,442 people bid in last month's Shanghai auction for car plates and 7.8 percent of participants emerged victorious.