Chinese shares fall amid Asian concern over US economy, led by property, financial stocks

Chinese shares fell Wednesday, led by real estate and financial stocks as worries about the U.S. financial sector triggered an Asia-wide decline.

The benchmark Shanghai Composite Index fell 3.43 percent to close at 2,779.45. The Shenzhen Composite Index for China's smaller second market shed 3.22 percent to close at 843.23.

Major companies in a range of Chinese industries declined, but the drop was sharpest for real estate developers, banks and insurers.

"Investors are worried about China's economic conditions over the next year. Investors' confidence was also hit by the deteriorating conditions of the overseas economies," said Zhang …