HONG Kong shares have slipped 0.32 per cent as traders await the conclusion of the US Federal Reserve's policy meeting, looking for clues about the future of its stimulus program.
The benchmark Hang Seng Index on Wednesday fell 70.30 points to 21,883.66 on turnover of $HK48.76 billion ($A6.97 billion).
Steven Leung, institutional sales head at UOB Kay Hian, said investors were limiting their exposure ahead of the Fed statement later in the trading day.
He added that the index was likely to struggle in August in the absence of any positive news to direct the market.
"I think in August, it's really hard to see the index trade above 22,000," Leung told Dow Jones Newswires. "Hong Kong has already outperformed for the region."
Shares of Tencent fell 3.3 per cent to $HK351.80 while China Mobile slipped 0.9 per cent to $HK82.5 and Bank of China was off 0.31 per cent at $HK3.25.
Chinese shares closed up 0.19 per cent. The benchmark Shanghai Composite Index added 3.74 points to 1,993.80 on turnover of 59.4 billion yuan ($A10.75 billion).
China's top decision-making body said on Tuesday that it would promote the stable and healthy development of the domestic property sector, state media reported, in stark contrast to Beijing's previous remarks on regulating property.
"There is no need for policy makers to further tighten property controls amid downward pressure for economic growth," Guosen Securities analyst Ou Ruiming told Dow Jones Newswires.
Property developer Gemdale gained 3.67 per cent to 6.78 yuan while Poly Real Estate rose 3.24 per cent to 10.19 yuan.
Zinc producer Tibet Summit Industrial surged by its 10 per cent daily limit to 10.32 yuan while Ningbo Boway Alloy Material rose 2.07 per cent to 12.84 yuan. Datong Coal Industry climbed 1.86 per cent to 6.03 yuan.
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