"The property sector's gains in late trade were underpinned by expectations that major developers will bid aggressively in the land auction on Tuesday," said Conita Hung, head of research at Delta Asia Securities.
The Hang Seng Index closed down 35.98 points or 0.24 percent at 15,143.97.
Shanghai share prices closed 0.69 percent lower, extending losses on continuing concerns over the ongoing state-owned share sale program, with oil and gold miners hit.
Dealers said that with the long National Day holidays approaching, investors were still taking profits on the recent advance amid reports of possible internal government divisions over the state-share sale plan.
The Shanghai A-share Index fell 8.44 points to 1,210.29, and the Shenzhen A-share Index was down 3.35 points or 1.14 percent at 291.73.
The benchmark Shanghai Composite Index, which covers A and B-shares listed on the Shanghai Stock Exchange, shed 7.98 points or 0.69 percent at 1,151.98.
The yuan fell to US$8.0910 from US$8.0881, with news coming after the close of trade that the authorities had widened the trading band for the unit against the non-dollar currencies in the currency basked system introduced in July.
Sydney share prices closed little changed after a retreat by the banks was offset by solid gains in select stocks elsewhere. The S&P/ASX 200 index added 0.7 points at 4,562.4.
Singapore share prices closed 0.10 percent higher in cautious trade as investors kept an eye on the progress of Hurricane Rita and the damage it might cause to major US oil and gas facilities.
Sealers said that losses in the broader market were tempered by gains in CapitaLand and oil-related stocks, which allowed the main index to stay in positive territory.
The Straits Times Index rose 2.36 points to 2,293.04.
Malaysian share prices closed 0.13 percent lower, amid concerns over rising inflation and an absence of fresh leads. The composite index was down 1.16 points at 921.89.
Bangkok share prices closed little changed, with the market rangebound as investors watched developments in oil prices and Hurricane Rita's progress toward major US energy facilities in Texas. The composite index fell 0.33 points to 725.31 points.
In Jakarta share prices closed 0.38 percent lower as quick profit-taking in index heavyweights Astra International and Indosat erased early morning gains. The composite index fell 3.907 points to 1,012.851.
In Mumbai share prices closed flat as early losses were erased by late buying after the finance minister moved to soothe market jitters following a big fall the previous day.
Dealers said the market rally came as Finance Minister P. Chidambaram sought to reassure investors in an interview with CNBC-TV.
Chidambaram said investors should not "get worried if the stock market rises rapidly in one or two trading sessions and falls in another trading session ... The market is well regulated."
The 30-share Mumbai stock exchange SENSEX index closed up 0.01 percent or 0.95 points at 8,222.59, recovering from a low of 8,121.81 that was seen in morning trade as investors sold after Thursday's massive sell-offs.
RSS