Chinese equities snapped the upward trend of the previous trading day to close lower Wednesday on the back of falls in property and financial shares.

The benchmark Shanghai Composite Index lost 0.27 percent to close at 2,587.81 points.

The Shenzhen Component Index fell 0.12 percent to 9,991.4 at the close.

Total turnover shrank to 139.5 billion yuan (20.42 billion U.S. dollars) from 149.16 billion yuan on the previous trading day.

Losers outnumbered gainers by 531 to 322 in Shanghai but gainers outnumbered losers by 470 to 445 in Shenzhen.

Property stocks failed to continue Tuesday's strong performance with the sector losing 1.56 percent Wednesday on continuing concerns over further tightening measures to cool the market.

Huayuan Property Co., one of China's leading property developers, dropped 5.44 percent to 6.43 yuan per share while China Vanke Co., the country's largest property developer, fell 1.09 percent to 7.26 yuan per share.

Financial shares also posted lackluster performances Wednesday after Li Wei, deputy director of the State-owned Assets Supervision and Administration Commission, said the country may fine tune its monetary policies in the near future.

Bank of China, China's third-largest lender, lost 1.27 percent to 3.9 yuan per share while China CITIC Bank fell 1.12 percent to 5.3 yuan per share.

However, new energy resource-related shares rallied Wednesday with GD Power Development Co. rising 2.48 percent to 3.72 yuan per share. And Inner Mongolia Baotou Steel Rare-earth Hi-tech Co. gaining 0.93 percent to 37.92 yuan per share.