Stocks on the mainland and in Hong Kong lost ground on Wednesday, with Chinese benchmarks shedding early gains on heavy selling of property and pharmaceutical companies.

The Hang Seng Index fell 1.27 percent, or 323 points, to 25,201 while the Shanghai Composite Index dropped 1.76 percent, its biggest daily loss since April.

The Shanghai benchmark had been hitting record highs recently and investors likely were selling to lock in gains.

Meanwhile, the Shenzhen index ended down 1.9 percent.

Most sectors closed lower with property and biotech stocks leading the losses. (Agencies)