Eleven cars with Beijing license plates were scooped up by bidders within 10 minutes after being listed in an online auction held by a Beijing court on Tuesday, with one customer forking out 465,000 yuan for a Jaguar with coveted Beijing plates.
The online auction attracted over 4,000 potential buyers in total, although the majority of them failed in more than 30 rounds of the system for issuing the plates. Starting prices were determined by assessment companies, and the top bid could not exceed150 percent of the starting price, according to China Daily. The top seller was a Jaguar, which was sold for about 155,000 RMB more than its estimated worth of 310,000 RMB.
Beijing introduced the license plate lottery back in 2011in an attempt to decrease pollution and traffic in the capital. With a limit of around 150,000 plates handed out this year, some drivers are willing to pay insanely inflated fees to get ahold of them. Expectantly, the government’s clampdown has led to booming business in the black-market, with some plates drawing in as much as 33,000 USD.
[Image via China Daily]