China's housing minister outlined a fresh batch of measures in the latest bid to convince traders the government was getting a handle on a painful real-estate crisis.
The world's number-two economy has struggled to recover since lifting strict Covid controls at the end of 2022, battered by a debt crisis in the property sector and torpid consumer demand.
Authorities announced a series of piecemeal measures in that time to little effect, but last month's raft of pledges sparked blockbuster rallies on the mainland and Hong Kong on hopes that even more were in the pipeline.
But news conferences last Tuesday and Saturday took the wind out of those sails and led to a fresh bout of volatility in trading floors.
And analysts said the latest briefing from housing minister Ni Hong also left investors wanting.
Ni said Thursday that officials would almost double the amount of credit available to complete unfinished housing projects to $562 billion and also help renovate a million homes.
The move, he said, would "be conducive to absorbing the existing stock of commercial housing".
But SPI Asset Management analyst Stephen Innes said: "They're still trying to talk the talk, with more noise about stabilising the property market.
"As the briefing rolled on, it was clear: traders were not thrilled.
"Let's be honest, though -- China's property mess isn't something that can be patched up with a few speeches and half-baked measures."
Hong Kong shed one percent and Shanghai a little more than that, having started the day on a strong note, with property stocks -- which had rocketed in the wake of the initial round of measures -- tumbling.
There were also losses in Tokyo, Seoul, Manila and Mumbai dropped with London.
Sydney, Singapore, Wellington, Taipei, Bangkok and Jakarta also rose, as did Paris and Frankfurt.
Oil resumed a recent retreat that had been partially fuelled by worries about demand from China, the world's biggest importer of the commodity, as the government fails to reassure markets.
Heron Lim at Moody's Analytics said the latest round of announcements suggested China was "on its way to finding the bottom in housing prices".
However, he added: "We did not see an increase in funding for the purchasing of unsold inventory by (state-owned enterprises), which would have helped stabilise demand in the property segment.
"And the promise of reconstruction projects being expanded might be useful to spark a construction segment that has been in a lull from a lack of both private and public projects, but it remains just a promise with no number promised beyond the known 1 million homes thus far."
The tepid performance in Asia came after a strong lead from New York, where small-cap stocks rose as investors shifted out of big-name firms such as Amazon, Apple and Microsoft, which have soared this year on the back of demand for all things linked to artificial intelligence.
US investors also welcomed strong earnings from Morgan Stanley and United Airlines that helped offset a decision by Dutch tech giant ASML to cut its 2025 guidance and forecast a slump in sales bookings, which sparked worries over the outlook for the sector.
- Key figures around 0810 GMT -
Tokyo - Nikkei 225: DOWN 0.7 percent at 38,911.19 (close)
Hong Kong - Hang Seng Index: DOWN 1.0 percent at 20,079.10 (close)
Shanghai - Composite: DOWN 1.1 percent at 3,169.38 (close)
London - FTSE 100: DOWN 0.1 percent at 8,323.89
Euro/dollar: DOWN at $1.0856 from $1.0859 on Wednesday
Pound/dollar: DOWN at $1.2985 from $1.2986
Dollar/yen: UP at 149.76 yen from 149.63 yen
Euro/pound: DOWN at 83.60 pence from 83.62 pence
West Texas Intermediate: DOWN 0.2 pecent at $70.22 per barrel
Brent North Sea Crude: DOWN 0.2 percent at $74.05 per barrel
New York - Dow: UP 0.8 percent at 43,077.70 (close)
dan/mca
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