Hong Kong stocks jumped more than 100 points in the early session after the US Federal Reserve failed to raise interest rates.
Profit-taking on HSBC, however, trimmed gains later in the day.
Property stocks were strongest due to their sensitivity to interest rates.
Patrick Chia, head of research at China Everbright Securities, said: '[Unchanged rates] will release pressure on the property market so their shares benefited.' The Hang Seng Index ended at 11,603.53, up 56.83 points, a gain of half a per cent.
Turnover was $5.42 billion compared with a revised $10.38 billion on Tuesday. Tuesday's volume was inflated by the combined $5 billion placement of new shares by Henderson Land and Cosco Pacific.
Property stocks led the charge, with Cheung Kong advancing a strong 1.8 per cent. However, short selling accounted for roughly 5 per cent of the $142 million turnover for Cheung Kong.
