Asian shares mostly extend losses on China property worries

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TOKYO (AP) — Asian shares have mostly fallen, with Tokyo down 2.2%, as worries about heavily indebted Chinese real estate developers weigh on sentiment. Markets were closed in Taiwan, Shanghai and South Korea. In Hong Kong, the Hang Seng declined further on selling of property developers. Shares rose in Australia. Analysts said fears the damage from a property bust in China could ripple worldwide were drawing on memories of past financial crises such as the bursting of the Japanese “bubble” economy. On Monday, U.S. stocks logged their biggest drop since May, with the tech-heavy Nasdaq composite sinking 2.2%. 

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