Cost to Transfer Taxi Licenses Increases

Cost to transfer taxi license increasesBy the end of last year there were more than 12,000 taxi licenses issued in the city, and drivers have raised complaints that the cost of transferring a taxi license in Shenzhen has rapidly increased by at least  100 times in the past 20 years.

Taxi licenses have different validity periods, ranging from 12 years to 50 years. One taxi driver had to spend 700,000 yuan to purchase a taxi license that is valid for 30 years from a taxi company in 2004. He said his license is now worth at least 800,000 yuan since a 12 year license now costs 540,000 yuan. the driver also said owning a taxi license will allow him to pay 10,000 yuan less to the taxi company, compared to drivers without licenses, every month.

Shenzhen issued 2,285 taxi licenses with an unlimited period of validity just before 1988, which at the time costed only 19,000 yuan and were mostly bought by the taxi companies. After that year, the government began auctioning off the taxi licenses and the prices have been steadily increasing year after year.

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