Car number plates up for auction

Hong Kong will auction 6,500 vehicle number plates, 1,000 more than last year, to individuals and companies.

Last year the average number plate price in Hong Kong reached a record high of 33,000 yuan (US $5,400), 507 yuan up from February's price.

The lowest winning tender was 29,000 yuan, up 750 yuan from the previous month, number plates auction organiser Hong Kong Commodity Auction Ltd announced.

Industry experts said the reduced quota of number plates and high demand helped were the cause of riding prices.

However prices are expected to fall this month as more number plates are being offered along with loer demand. Fewer people bought cars after the Chinese New Year Holiday, reported the Honk Kong Evening Star.

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