Number plate sold for $14,500 in Shanghai

Beijing, March 25 (IANS) The cost of a car licence plate hit a record high in the Shanghai city of China when one such plate was sold for over 90,000 yuan (about $14,500) despite municipal government efforts to regulate the market.

Nine days before March’s car plate auction Saturday, the Shanghai government said the price of a second-hand car plate should not exceed the auction price of new car plates. The authorities have blame the rising price of second-hand plates for pushing up the new prices.