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Country Garden told Chinese media that the new development will include 556 private apartments, 229 subsidized homes and four villas, along with shops and public space.

Credit and secured loans up to 20 billion yuan will be provided to eligible private enterprises. Starting this year, a sum of 1 billion yuan will be added to a financial fund every year for three years to complement the existing venture capital and angel funds in Shanghai.

Consulting firm iResearch estimated in a January report that the country's short video market size was about 5.73 billion yuan (2 million) in 2017, up 184 percent year-on-year, and might exceed 30 billion yuan in 2020.

Credit card spending grew 3.4 percent in August from a year earlier, after rising 9.3 percent in June and 4.8 percent in July respectively.

Coolio Yang, chief executive officer of consultancy Kantar's media division in China, pointed to the cultural significance behind the move. He said the so-called "half-acquaintance society" of China has given rise to the likes of Pinduoduo and WeChat-based commerce, both of which rely heavily on word-of-mouth and interpersonal recommendations.