Chinese shares dived on Monday on the heels of the government's latest measures to cool the property market.

The benchmark Shanghai Composite Index dropped 3.65 percent, or 86.10 points, to end at 2,273.40.

The Shenzhen Component Index shed 5.29 percent, or 510.39 points, to end at 9,139.75.

Combined turnover on the two bourses shrank to 198.5 billion yuan (31.61 billion U.S. dollars) from 222.8 billion yuan the previous trading day.

The property sector was hit hard and dropped 7.62 percent. China Vanke Co., the nation's largest listed property developer, dropped 9.97 percent to 10.84 yuan per share. Poly Real Estate Group Co., another major developer, lost 9.98 percent, nearly the 10-percent daily limit, to 11.37 yuan per share.

Late on Friday, the government announced a series of specific measures to regulate the real estate market, including a 20-percent capital gains tax on the sale of used homes.

Other measures include higher interest rates and down payments for those buying a second home in cities with high real estate prices.

Most other listed heavyweights also posted marked declines.

Industrial and Commercial Bank of China Ltd., the nation's biggest listed lender, shrank 2.16 percent to 4.08 yuan per share. China Construction Bank Corp. lost 2.77 percent to 4.57 yuan per share.

CITIC Securities Co., China's biggest listed brokerage, dropped 6.50 percent to 13.81 yuan per share.

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