Asian shares were mixed on Thursday as slowing property prices in China offset relief over the U.S. Federal Reserve's accomodative policy stance.
Chinese new home prices rose just 0.5 percent on year in August, compared with July's 2.5 percent rise, according to the National Bureau of Statistics. On a monthly basis, prices posted their fourth consecutive decline, exacerbating worries about a correction in the real-estate market on the back of declining sales and a glut of supply.
Meanwhile, U.S. investors cheered Fed chair Janet Yellen's decision to keep language that said interest rates would rise "a considerable time" after the monthly bond-buying program ended, sending the Dow to a record high overnight. Most noticeably, the Fed also projected a faster pace of rate hikes. For the end of 2015, the median forecast was 1.375 percent versus 1.125 percent in June.
"A very muddled picture has been created from the language in the statement. Growth has lowered, the unemployment rate is improving, inflation is stagnating and rates are rising; it is the final point the currency and bond market has latched onto," said Evan Lucas, market strategist at IG, in a note.