Chinese equities closed lower on Tuesday, led by financial stocks and property developers.

The benchmark Shanghai Composite Index declined 0.7 percent, or 21.45 points, to close at 3,053.13 points.

The Shenzhen Component Index went down 0.38 percent, or 47.47 points, to end at 12,304.98 points.

Combined turnover stood at 191.2 billion yuan (28 billion U.S. dollars), down from 195.34 billion yuan on the previous trading day.

Losers outnumbered gainers by 624 to 251 in Shanghai and 575 to 319 in Shenzhen.

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