Mainland shares fall nearly 5%

Mainland markets ended 4.8 percent lower on Monday, their biggest percentage loss since last August. This was caused by a tumble in the property sector after the local governments are ordered to take steps to control speculative buying over the weekend.

The Shanghai Composite Index finished the day below the key 3,000 points level, extending last week's half a percent drop. Besides the news of the clampdown on property, worries over official monetary tightening also prompted the market's large fall. China launched its first stock index futures based on the CSI 300 index last Friday. On monday, the nearest contract to be delivered on May 21st, fell 6.8 percent. Analysts say heavy selling in futures has also caused a bearish atmosphere in the spot market.