The shooting took place at about 9:56 p.m. in the 2400-block of South Normal Avenue.
Officers were responding to shots fired when they found the first victim outside a home with multiple gunshot wounds, police said. The victim was pronounced dead on the scene.
A second victim was found with a gunshot wound to the shoulder, and taken to a hospital, where he later died, police said.
The Cook County Medical Examiner's Office identified the victims as 32-year-old Faliang Gao and 33-year-old Jianru Zheng. Gao was shot multiple times, and Zheng was shot in the back.
They both lived in the block where the shooting took place.
Police believe the shooting may have happened inside a home.
"I heard the shooting sound, and then I heard the ambulance, and the police car come here," nearby resident Betty said. "Very terrible."
Some residents did not want to be identified.
One said she heard a woman calling for help, and what was apparently gunfire.
"I'm cooking at home, at that time I hear one shooting. I only hear one shooting, I'm not sure it's a shooting. I thought it was fireworks," she said.
Wade Chan was born and raised in Chinatown, and is calling for an increased law enforcement presence in this neighborhood.
"We are processing. We are telling our friends, our family to be careful," Chan said. "I think it's more frustration we can't do anything. The only thing we can do is turn around and watch our back, literally."
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Alderwoman Nicole Lee said she's spoken with police, and the incident appeared to be a targeted armed robbery.
"It's very jarring; this is becoming way too normal in this city. And while the stats are down, it doesn't feel good to know two people were shot and killed next-door to you, blocks away from you," Lee said. "I don't live far from here. I can walk here."
She's cautioning Chinatown neighbors to be aware of their surroundings.
"What we need to do is continue to work with police," Lee said." We need to be vigilant as community members; we need to, if we see something, say something. We don't have ShotSpotter anymore at this point. Now we rely more on the public to report these crimes."
Alderwoman Lee said some surveillance video was shared with police to help with the investigation.
"We feel a deep sense of sorry and sympathy for the family. I think that's the most important thing," Chinatown Chamber of Commerce Director Homan Wong said. "I think it's an isolated incident; the police are looking Into it. I think that everybody should know Chinatown remains a safe place."
No one is in custody, and Area One detectives are investigating.
"They believe it's targeted, but not necessarily something to fear in the neighborhood. But, of course, the ninth district is going to be paying special attention to this area for the foreseeable future," Lee said.
Chicago police left door hangers in the area asking for information, using characters in Mandarin and Cantonese.
They emphasized information can be shared anonymously.