Shanghai Composite sees sharp fall

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Shares in China fell sharply on Tuesday, as investors took profits after recent strong rises.

The Shanghai Composite ended the day down 94.83 points, or 3%, at 3,032.61, while in Hong Kong the Hang Seng index fell 74.88 points to 23,333.69.

Shares in property developer Dalian Wanda fell 2.6% on its first day of trading, after the biggest Hong Kong listing since 2010.

Concerns about debt and a high valuation weighed on its share debut.

In general, trading was thin across Asia with the region's biggest market - Japan - closed for a public holiday.

In Australia, the S&P/ASX 200 index closed down 1.1% at 5,380.9 after having recorded sharp gains in the three previous trading sessions.

News that Western Australia state, once the "economic engine" of the country, recorded its first budget deficit in 15 years as royalties from iron ore plunged, hit confidence among investors.

Shares of Telstra fell 0.7% on the news that the telecoms giant would buy Pacnet, Asia's biggest private owner of submarine communication cables, for $697m.

In South Korea, the benchmark Kospi index closed down 0.2% at 1,939.02.

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