Shanghai, the mainland's financial hub, was set to launch a real estate investment trust this year to boost the slumbering property market, a senior city official said.

Fang Xinghai, the director-general of the Shanghai Financial Service Office, said the Pudong district government had finalised preparations for property investment trusts, and the first fund would debut this year, local media reported yesterday.

Shanghai is the first mainland city to announce plans for property investment trusts after the central government approved the product at the end of last year.

South China Morning Post