8,000 license plates up for grabs in Shanghai

Exactly 8,000 car license plates will go under the hammer at this month's auction in Shanghai on June 21.

Of the total, which is unchanged from last month, 7,400 will be available to private bidders and the rest to corporations. The figure was set by the municipal government.

Last month, the average winning price rose by 390 yuan (US$63) to 74,503 yuan, while the lowest successful bid gained 400 yuan to 74,400 yuan.

Though the cost of a license plate has stabilized due to the price ceiling mechanism — to a little above the 72,600 yuan upper limit for first-round bids — people are finding it increasingly difficult to secure one due to the intense competition from the huge numbers of bidders.

Last month, the number of people taking part in the auction rose more than 20 percent to an all-time high of 114,121, which meant that 94 of every 100 people went home empty-handed.