The feared impact is a systemic Asian downturn crashing industrial export towards the area, which in turn would reduce demand for services. Germany in particular is currently being watched, since their industry relies on export towards Asia quite heavily these days (since European demand is overall low). If German giants start feeling the pinch, the startup world in Berlin will inevitably get hit.

From a US perspective I honestly don't know. Chinese investments are mostly one-way anyway (it's hard to take money out of China) so they shouldn't significantly impact any honest balance sheet; however, if Japan and Singapore start going under as well, things might turn ugly all around.