China Vanke was down 3.1%, China Merchants Property Development fell 5.8% and Poly Real Estate shed 4.9%.

WSJ: China Shares Fall 1.6%

Poly Real Estate Group plummeted 10%, the maximum allowed for one day.

FORBES: China Real Estate Stars Hit Headwinds

Gemdale rose 1.7% and Poly Real Estate Group added 2%, while Bank of China improved by 1.7% and China Life Insurance advanced 1.6%.

WSJ: Asia Markets Finish Mixed

As a cofounder of Poly Real Estate Group, Zhang owns over 200 million shares in the company, which is one of the main sources of his wealth.

FORBES: Jailed Chinese Investment Tycoon Returns To Billionaire Ranks

China Vanke rose 0.3% and Poly Real Estate added 1.1%.

WSJ: Europe Concerns Weigh on Asian Shares

Some property companies recovered from losses brought about by fear of further tightening in the housing market: Poly Real Estate Group added 1.4% and China Merchants Property Development rose 1.6%.

WSJ: Asian Shares Mixed Amid Weak Europe Data