Tragedy struck Shanghai's New Year's celebration as 35 people were killed, and another 42 were injured during a stampede at the city's Bund waterfront tourist area.

According to the Shanghai government, the stampede occurred in Chen Yi Square at 11:35 pm local time on New Year's eve, as large crowds of New Year's revelers gathered for the countdown to midnight.

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Although the cause of the stampede is still officially unknown, the U.K.'s Daily Telegraph reported that witnesses said money had been thrown from the balcony of a nearby nightclub, causing the crowd to rush to grab the cash.

George Chen, a reporter at the South China Morning Post, reported that those who had been at the event had seen people throwing dollar bills from the upscale Bund 18 club.

TagsNew Year's Stampede Kills 35 in Shanghai, Bund, Stampede, waterfront tourist area, Chen Yi Sqaure