Chinese equities opened lower on Wednesday amid the deepening weakness in the property sector and a slowdown in consumer spending.

The Shanghai Composite Index, the main gauge of Chinese stocks, opened 0.1% lower at 3,861.75. The Shenzhen Component Index dipped 0.1% to 13,276.85.

China's property investment tumbled 19.9% year over year in the first eight months, with the decline accelerating from the 19.2% drop through July. Retail sales rose 0.4% to 3.982 trillion yuan in August, slowing from 0.6% growth in July and missing the 0.7% consensus forecast.

The bearish data was partially offset by signs of stabilizing capital flows, with Chinese banks recording a net foreign exchange settlement surplus of 329 billion yuan in August. Banks settled 1.709 trillion yuan in forex and sold 1.380 trillion yuan during the month.