“Easy money” isn’t cheap: hong kong license plate sells for $2.3 million

TrafficintheWanChaiareaofHongKong.Demandforauspiciouslicenseplateshaspushedpricestonewheights.CreditPaulHilton/EuropeanPressphotoAgency

（NEWYORKTIMES）AvehiclelicenseplateinHongKongsoldatauctionfor18.1millionHongKongdollarsonSunday,or$2.3million,thehighestpriceeverpaidinthecity.Theplatecarriesthenumber28,whichinCantonesesoundssimilartoaphrasefor“easymoney.”

Thenewowneroftheplatewasnotimmediatelyclear.Thebidder,whoalsosnatchedthelicenseplate232for$174,000,saidhewasrepresentinganotherparty,whomhedidnotname,accordingtoOrientalDailyNews,aHongKongnewspaper.

Thecityintroducedbiddingforcovetedlicenseplatenumbersin1973,withthemoneygoingtocharity.Themostdesiredplates,whichincludethenumbers2through10(1isreservedforthepolicecommissioner)andcombinationsofauspiciousdigits,areownedbysomeofthecity’srichestandmostprominentpeople.

In1994,thejewelry,propertyandentertainmenttycoonAlbertYeungbought9forwhatwasthenarecordof$1.6million.Themostrecentpeaklicensepricewas$2.1millionfor18,in2008.

Tenyearsago,HongKongbegantoallowawidearrayofvanityplatesusinglettersofthealphabet,whichtriggeredarushofvehiculardeclarationslikeMCDADDY,XBATMANXandWHATEVER.

Will28bringeasymoney?Theanswerisasuncertainastheidentityofitsnewowner.Buta2009studybyTravisNg,TerenceChongandXinDuattheChineseUniversityofHongKongfoundthatforthree-digitlicenseplates,includingaluckynumbersuchas8broughtapricepremiumof95percent.Thepremiumgotbiggertheworsethestockmarketdid,jumping11percentforeach1percentdeclineinthebenchmarkHangSengIndex.

Likewise,unluckynumbersbroughtdowntheprice.Thepresenceofanumber4,whichisahomonymfor“death,”bringsdownthevalueofafour-digitplate27percent,andthepricedropsfurtherwitheachfallintheHangSeng.

“A‘4’isbad,butitisevenworseinbadtimes,”theywrote.