A license plate sells in Shanghai for $12,000

Guess who has made it to the list of luxury in Shanghai: the local license plate! A clear-cut entrant to the ‘believe-it-or-not’ genre, the Shanghai license plate is one amongst the luxuries in China worth $12,000. Apparently, the world’s most populated country, follows an in-famous procedure when it comes to obtaining a license plate. With an attempt at reducing traffic, pollution and excessive use of oil, China runs a license plate auction system held every month, auctioning plates each time. The bidder is entitled to three bidding chances that too at a price of $17 each, in addition to the $320 he/she has to deposit to register for the auction. Nonetheless, irrespective of the extravagant amounts they are required to shell out, China sees a large number of bidders each month ailing to acquire a license plate that could get them off trafficked roads to the elevated highways.

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[Wsj and Red-Luxury]