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Chinese stocks fell after European leaders failed to make progress on the debt crisis in Greece and the Fed did not give any indication it would launch a new round of loose credit.

Hong Kong blue chips opened higher, but lost ground as investors retreated ahead of the European finance ministers' meeting and the release of Chinese economic statistics.

Worsening debt problems in Europe and a sharp drop in Chinese markets pushed Hong Kong lower. Blue chips opened higher but once sank in thin trading.

Chinese blue chips found early support at 19,000, news that China's "big four" banks had increased new loans the last two weeks triggered a strong rebound in higher turnover.