SHANGHAI, Jan. 1 (Xinhua) -- New Year celebrations in the bund area went astray early late Wednesday night as a stampede resulted in 35 people dead and 42 injured in east China's Shanghai.

The accident happened on the Chenyi Square of Shanghai's bund area at around 11:35 pm.

A witness said that some coupons that looked like "dollar bill" were being thrown from a building's third-floor window near the Bund and people standing along the river bank started to scramble for these coupons.

The city has set up a working team for rescue operations and to deal with the aftermath.

Cause of the accident is under investigation.