Cool, funny licence plates drive benefits for both the rich and poor in Hong Kong

HONG KONG - A dozen times a year, Hong Kongers pull themselves out of bed early on a Saturday to pack into a dimly lit room. They are there to bid for the car licence plate of their dreams.

Some names are hot favourites. "APPLE HK" grabbed HK$38,000, or about US$5,000, after about 20 rounds of intense bidding among a few die-hard fans of the tech giant. "PLAYER" went for more than twice that amount, to a bidder who is not shy about his reputation. But the day's highest bid went to a bland "YF", which sold for more than US$50,000 to a man who would only say that is his initials.

Another namesake plate "M-0-D-1" went for just US$600 to an Indian businessman, who claims to be the biggest fan of Prime Minister Narendra Modi.

"I really wanted to get this thing on my car," said Mr Himanshu Modi. "I hope someday my prime minister travels to HK, probably I can give him a lift in my car."

In one of the world's richest cities, nice cars are in no short supply and that is why some people in Hong Kong turn to this unconventional accessory, in order to stand out.

"This is the car I used for my wedding," said licence plate dealer Chan Ming Choy. "It's a Rolls Royce and the licence plate says 'MR RIGHT', meaning I am the one for my wife."

Mr Chan would know all about Hong Kong's fascination with personalised plates. He is now trying to sell the plate for US$23,000 and just like any form of trading, timing is key.

When asked how much the licence plate that read "CY" would cost, Mr Chan said he was asking for HK$3 million - one reason is because these are the initials of Hong Kong's chief executive CY Leung. That means Mr Chan has to sell it quickly, since Mr Leung has only a year-and-a-half left to his term. But one thing is for sure - Hong Kong's government has been able to reap a windfall from the programme.

The Transport Department said it has raised more than US$40 million in the nine years that personalised licence plate auctions have existed. That could have bought 517 Teslas, 6,154 Rolex watches, or 57,265 iPhone 6ses. Instead, it helped to pay for the social security benefits of 987 Hong Kong residents. This makes it a rare example of a government programme that works to benefit both the city's rich and poor.

- CNA/hs