People who want to buy a Hangzhou car plate through bidding will have a slimmer chance of 1.7 percent this month.
As of yesterday 398,101 people have signed up for the July auction and lottery, about 80,000 more than last month while the number of car plates available dropped to 6,750, 341 fewer. Application deadline is tonight.
Hangzhou sold 7,091 car plates last month at an average price of 15,263 yuan (US$2,482) for individual buyers and 18,271 yuan for institutional buyers.
A total of 313,341 individuals and institutions signed up for the June auction and lottery, 120,727 more than in May. The chance of winning a plate through bidding was 2.2 percent last month.
Hangzhou holds a car plate auction and lottery every month to issue 80,000 plates a year. Unsuccessful bidders can join the following month’s lottery automatically.
Source: Hangzhou International Center