Real-estate developers were mostly to blame with Shanghai Shimao down 5 percent and China Merchants Property falling 3 percent.
Liquor producer Kweichow Moutai pared gains following an earlier 1.6 percent spike after its net profit growth grew 6.2 percent for the first nine months of the year.
In Hong Kong, i-CABLE Communications skyrocketed as much as 160 percent after receiving initial approval to compete in Hong Kong's free-television market after new permits were given for the first time in nearly 40 years.
(Read more: China's foreign reserves surge, are currency wars back?)
Australian equities traded in a narrow 29-point range after hitting a new two-week high at 5,268 points earlier in the day for a second straight session.
Whitehaven Coal climbed over 4 percent as Brent crude prices steadied above $110.
Global miner Rio Tinto extended gains by 1.4 percent after announcing that its iron ore and thermal coal output hit record highs in the third quarter on Tuesday.
Blood products maker CSL rallied over 1 percent after announcing a $905 million share buyback. It also trimmed profit growth guidance to 7 percent from previous estimates of 10 percent for the current fiscal year.
(Read more: Companies worry about 'stepping on a bomb')
Kospi 0.3% lower
South Korea's benchmark index reversed earlier gains to enter negative territory despite signs of continued foreign buying.
Blue-chip stocks capped larger losses. KB Financial climbed nearly 4 percent and Hyundai Motor rose 1 percent.
— By CNBC.com's Nyshka Chandran. Follow her on Twitter @NyshkaCNBC