Asian stocks swung between gains and losses as the Federal Reserve prepares for a two-day policy meeting. Chinese developers fell on concern gains in home prices will limit scope for monetary easing.

Nikkei 225 13,007.28 -25.84 -0.20%

Hang Seng 21,169.22 -56.68 -0.27%

S&P/ASX 200 4,814.4 -11.48 -0.24%

Shanghai Compositе 2,159.29 +3.08 +0.14%

China Overseas Land & Investment Ltd., the biggest mainland developer traded in Hong Kong, slipped 1.9 percent.

STX Pan Ocean Co., South Korea's No. 1 commodities-shipping company, slumped 15 percent after a court accepted its application to seek protection.

Sony Corp. climbed 4.4 percent in Tokyo after Third Point LLC, a hedge fund controlled by billionaire Daniel Loeb, increased its stake in the electronics maker.