Cost of license plates soars

SHANGHAI - The price of private vehicle license plates in Shanghai soared to a three-year high of 48,855 yuan ($7,544) on June 18, rising 1,155 yuan from May's figure amid worries over tighter rules on car ownership.

The rise is well within market expectations as strong demand surpasses supply, despite local government efforts to raise plate offers to 9,000 this month, industry insiders say.

A total of 22,474 people participated in the bidding process, compared with 25,208 in May.