The Shanghai Composite Is Down 2.9%

The Shanghai Composite is down 2.9 percent, with the decline being led by property stocks.

Hong Kong's Hang Seng index is down 1.3 percent. Australian stocks are taking a hit, and most Asian markets are down. The Nikkei however is up 0.3 percent after comments from Haruhiko Kuroda, whom prime minister Shinzo Abe has nominated as the next Bank of Japan governor..

Here's a look at the brutal sell off in China's Shanghai Composite index.

And here's a look at the 5-day chart:

Meanwhile, remember this week marks the beginning of the National People's Congress. The Chinese People's Political Consultative Conference (CPPCC), the other half of 'liang hui' or 'two meetings' started Sunday.