Hong Kong shares have ended flat despite a positive lead from Wall Street as investors await the conclusion of a US Federal Reserve policy meeting later in the day.
The benchmark Hang Seng Index on Wednesday dipped 21.87 points to 23,181.72 on turnover of $HK46.35 billion ($A6.47 billion).
Fed policymakers are expected to continue winding down their stimulus, but investors will be watching to see if the bank's chief, Janet Yellen, gives any hints about future policy.
Shares of gold jeweller Chow Tai Fook Jewellery Group bucked the broader market, hitting a two-month high after meeting earnings expectations for its fiscal year.
The shares closed up 5.8 per cent at $HK11.66 on Wednesday.
Also outperforming the broader market was Coolpad Group, whose shares surged 7.3 per cent to $HK1.90 after a research firm said the company overtook Samsung Electronics last month in China market share.
China Mobile rose 0.26 per cent to $HK75.70 and HSBC was up 0.12 per cent at $HK80.90, while China Resources Land was off 1.21 per cent at $HK14.68 and China Coal Energy lost 1.90 per cent to end at $HK4.13.
In China, the benchmark Shanghai Composite Index slid 0.54 per cent, or 11.18 points, to 2,055.52 on turnover of 70.5 billion yuan ($A12.23 billion).
The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.66 per cent, or 7.09 points, to 1,068.72 on turnover of 96.5 billion yuan.
Official data on Wednesday showed property prices falling in 35 cities month-on-month in May, compared with eight in April, sparking concern over the health of the sector.
"The figures intensified worries over the domestic economy and weighed on investor sentiment," Central China Securities analyst Zhang Gang told AFP.
New share subscriptions launched on Wednesday by four companies ahead of their planned domestic listings also hurt the performance of existing shares, analysts said.
Property developers were mixed. China Fortune Land Development tumbled 4.31 per cent to 26.00 yuan while Gemdale gained 3.45 per cent to 9.00 yuan.
China Vanke slipped 0.3 per cent to 8.10 yuan after sinking 3.7 per cent in the previous two days.
Financial stocks extended losses. Agricultural Bank of China fell 1.95 per cent to 2.52 yuan while China Life Insurance retreated 1.26 per cent to 14.07 yuan.
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