Asian market tumble

Hong Kong 

 Asian equities tumbled  as a collapse in Chinese shares began to contaminate other markets, and after European leaders slapped Greece with a deadline to submit fresh bailout reform proposals. 

With markets buffeted by two global crises, traders ran for the cover of investments considered safe in times of upheaval such as the yen. Shanghai plunged 5.90 per cent, or 219.93 points, to end at 3,507.19 after losing more than eight percent at one point. Hong Kong tanked 5.84pc, or 1,458.75 points, to 23,516.56 -- its lowest close since the start of January. The decline was also the largest single-day loss since November 2008 at the height of the global financial crisis.

Most other regional markets were also hit by the spillover effect, as many host companies with links to China. Tokyo sank 3.14pc, or 638.95 points, to 19,737.64, Seoul slipped 1.18pc, or 24.08 points, to 2,016.21 and Sydney retreated 2.01pc or 111.9 points to 5,469.5.

In other markets:

-- Taipei shed 2.96pc, or 274.05 points, to close at 8,976.11. Wellington eased 0.61pc, or 35.47 points, to 5,767.70. Air New Zealand was off 0.97 percent at NZ$2.54 and Fletcher Building slipped 1.38 percent to NZ$7.88. Manila shed 1.06pc, or 79.22 points, to 7,363.43. Jakarta ended down 0.70pc, or 34.48 points, at 4,871.57. Singapore tumbled 1.67pc, or 55.94 points, to close at 3,284.99. Mumbai fell 1.72pc, or 483.97 points, to end at 27,687.72. Bangkok dropped 0.91pc, or 13.52 points, to 1,470.25.