While the numbers sound outrageous, they seem to be at least roughly the same as reported elsewhere.
"The average price for a Shanghai plate soared to 75,000 yuan ($12,000) at the city’s license plate auction over the weekend, roughly equal to the retail price of a brand new, fully loaded Geely MK-II sedan." [0]
"Over at a new 1,700-household community in Xuhui district ostentatiously named East Manhattan, its 500 parking spaces cost 1 million yuan each." [1]
"The average price for a Shanghai plate soared to 75,000 yuan ($12,000) at the city’s license plate auction over the weekend, roughly equal to the retail price of a brand new, fully loaded Geely MK-II sedan." [0]
"Over at a new 1,700-household community in Xuhui district ostentatiously named East Manhattan, its 500 parking spaces cost 1 million yuan each." [1]
[0] http://www.theurbancountry.com/2013/02/shanghai-license-plat...
[1] http://www.globaltimes.cn/content/963391.shtml