Price ceiling ordered for car plate auctions

A price ceiling will be applied at Shanghai's monthly car plate auction for the first time as part of the local government's efforts to cool the market.

The move comes with the average successful bid at last month's auction reaching just over 90,000 yuan ($14,530).

Bids of more than 83,600 yuan won't be accepted by the online auction system during the first round of bidding, the local authority said on Monday. This month's auction is on April 20.