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The Shanghai Composite stock index fell 3.6%.
The decline was lead by the Shanghai Property Index, which fell 9.25%, after new measures were introduced to curb the rise in property prices.
This had rippled effects, including a dive in the Aussie dollar, and a 1.5% loss in the Australian stock market.
Europe is down as well. Italy still is seeing no progress on government formation, so the FTSE MIB index (Milan stock market) is down 1.37%. Germany is down 0.6%.
Italian borrowing costs are ticking higher.
In the meantime, US futures are up as well.
For more on the big dive in Chinese property stocks, see here >