Chinese shares plunge 1.94 pct on Thursday

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Chinese shares dived on Thursday, as those related to the China (Shanghai) Pilot Free Trade Zone (FTZ) tumbled and the real estate sector performed weakly.

The benchmark Shanghai Composite Index plunged 1.94 percent, or 42.71 points, to finish at 2,155.81.

The Shenzhen Component Index dropped 2.02 percent, or 174.24 points, to finish at 8,439.47.

Combined turnover on the two bourses shrank to 243.6 billion yuan (39.62 billion U.S. dollars) from 273.84 billion yuan the previous trading day.

Port-shipping, tourism, culture and media and real estate were among the sectors leading the decline.

China will officially launch the Shanghai FTZ in the city on Sept. 29, a solid step forward in boosting reforms in the world's second-largest economy.

However, after continuous surges since the news on Aug. 22 that the country will start the project, FTZ-related stocks widely slumped on Thursday, with 25 shares dropping by the daily limit of 10 percent.

The performance of real estate shares was also weak as China's Ministry of Land and Resources announced on Wednesday that the country will further regulate land management in the real estate sector so as to stabilize housing prices.

Bucking the trend, the shale gas sector led rises with four shares hitting the daily increase cap of 10 percent.

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