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Car Registration Number Fetched $46,000

Even in the middle of a recession, a prestige car number plate in Hong Kong has fetched more than $46,000.

The car registration number 1234 fetched 360,000 Hong Kong dollars $46,445) at Sunday's government auction where a total of 280 unusual number plates raised just short of $345,000.

However, of the 280 registration plates put up for auction, some 30 failed to reach their reserve price in a sign that the economic downturn is beginning to bite in one of the world's richest cities.

Hong Kong shares have been among the worst hit in the recent downturn, with the Hang Seng Index shedding more than 25% of its value in the past six weeks alone.

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