Known as the Oscars of the fashion world, the Elle Style Awards 2008 were held in the 'Shanghai Centre Theatre' in Shanghai on Friday night. The awards turned out to be a red-carpet fashion show of A-list stars and celebrities wearing the most coveted fashion labels.

China's most popular actress Zhang Ziyi arrives for the Elle Style Awards at the 'Shanghai Centre Theatre' in Shanghai on Friday, October 31st, 2008. A bevy of celebrities and socialites attended Friday's fashion awards. [dfdaily.com]

It is the first time the event has been held in China since its launch in London in 1997.

One of the most popular Chinese actresses, Zhang Ziyi, was a spectacular arrival on the red carpet with her backless Armani dress and shimmering diamond accessories. When asked about her impending marriage with fiance Vivi Nevo, she dismissed the rumors, saying she has not planned anything yet.

The Taiwan sister act ASOS, Barbie Hsu and Dee Hsu were also in attendance. Barbie looked quite glamorous in her slinky sequined dress. She joked with reporters from Shanghai-based 'Dongfang Daily', saying that her glamorous style would overshadow the other celebrities.

Actress Zhang Ziyi also revealed she will postpone plans to become a producer, complaining there is too much to organize in the short term.

In contrast, Hong Kong singer-actress Karen Mok has already begun her work as a producer and the screenwriting is already underway. She said shooting on her directorial debut may begin next year.