Asian stocks were mostly higher on the final day of the year but volumes were light with markets in Japan, South Korea, Taiwan, Philippines and Thailand shut for holidays.
Investors received a mixed lead from the U.S. after a report on pending home sales came in below expectations. The Dow managed to knock out another record close while other indices closed flat.
China's debt levels are in focus after the state auditor said in a report that local governments owe nearly $3 trillion. The nation's rapid economic growth has been funded by a colossal borrowing spree in recent years, which analysts fear may hurt domestic growth.
(Read more: China debt: The biggest 'known, unknown' in 2014?)