License plates hit record in auctions

Potential car buyers in Shenzhen, Guangdong province, might have to think twice before purchasing new vehicles, as the auction price for a car license plate has rocketed to a record high.

In December, the average price reached 95,103 yuan ($14,525), the highest since the city began requiring prospective buyers to acquire car plates by lottery or auction in late 2014.

The auction price has increased sharply for six consecutive months, according to the city's transport commission.