Shanghai drivers scramble for license plates

Shanghai (CNS) -- People planning to buy cars were stressed by high prices and a limited supply during Shanghai's first auction of the year for private car license plates on Saturday.

24,354 bidders competed for only 8,000 license plates.

Each plate sold at between 52,700 yuan and 53,195 yuan (50,000 yuan is about US$7,930), a sharp rebound since the November auction when the lowest price slumped to 8,100 yuan. In October, the average hit 54,000 yuan.

Prices of old car plates also soared, causing many buyers to hesitate.