BEIJING -- Chinese equity markets wavered Wednesday in a roller-coaster way, pulling out of the lowest levels in six months after rebounding home prices renewed concerns that the government may turn harsher on the property market.

The benchmark Shanghai Composite Index once tumbled more than 1 percent to 2,138.79 points, which was a six-month low, in the afternoon session, following latest data indicating home prices rebounded in more Chinese cities in June.

Buy-the-dips investors scooped up shares in the last hour of trading, pulling the Shanghai index out of the negative territory to close near the day's highest level at 2,169.1 points, up 7.91 points, or 0.37 percent.

In a similar volatility, the Shenzhen Component Index once dropped to the lowest level at 9,328.9 points in the afternoon trade before trimming the losses to 45.86 points, or 0.48 percent, to close at 9,514.17 points.

More Chinese cities saw home prices rise in June from May, as the country's property sector has showed signs of warming following government efforts to stimulate the slowing economy, according to data from the National Bureau of Statistics on Wednesday.

Among the statistical pool of 70 major cities, 25 cities recorded higher new home prices in June, up significantly from six in May, raising concerns that the government may back off from a possible loosening of the property sector.