Meanwhile, sentiments were also dampened amid nervous over the pivot in monetary policy from the US Federal Reserve and other central banks anxious to counter inflation.
Adding to the downbeat sentiment was the rapid drop in Zhenro Properties Group's bond prices, which underscore the risks in investing in Chinese developer bonds.
At close of trade, the benchmark Shanghai Composite Index declined 0.98%, or 34.07 points, to 3,428.88. The Shenzhen Composite Index, which tracks stocks on China's second exchange, sank 0.43%, or 9.83 points, to 2,253.13. The blue-chip CSI300 index sank 1.08%, or 49.71 points, to 4,551.69.
China Vanke shares tumbled 4.4% in Shenzhen to the lowest this year after Chairman Yu Liang told the company's annual meeting that the Chinese property developer's income in 2022 will definitely drop significantly.
CURRENCY NEWS: China's yuan declined against the dollar on Monday, despite firmer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3664 per dollar, firmer than Friday's fix of 6.3681. Spot yuan CNY=CFXS opened at 6.3610 per dollar and edged up to 6.3595 at midday, still 53 pips weaker than the late session close on Friday.
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