Asian stocks mixed on Greece fears, earnings

Asian equities were mixed on Tuesday as a break down in negotiations between Greece and its European creditors , an absence of lead from Wall Street, along with a mixed bag of corporate earnings across Asia, depressed trading sentiment. Meanwhile, light trading was evident ahead of a long holiday this week due to the Chinese New Year. Greece rejected a bailout proposal by its euro zone partners on Monday, throwing up uncertainty over talks related to its debt.

European markets ended modestly lower on Monday, while the euro (Unknown:EURBA=) dropped to $1.1340 before bobbing back to $1.1354 against the U.S. dollar in Asian trading.

Read More Greece balks at bailout: What's next? "The latest developments from Europe have resulted in some mixed trading for Asia," Stan Shamu, IG's market strategist, wrote in a note. "Greece seems to be moving further away from a compromise with Europe's finance ministers and the fact it walked away from negotiations is not good for risk at all." Meanwhile, U.S. markets were shuttered on Monday for a public holiday.

Mainland indices up Shanghai shares finished 0.8 percent higher at a near three-week high as latest data threw up some signs of stabilization in China's property market.

New home prices posted their fifth month of annual drops in January , down 5.1 percent from the year-ago period, according to Reuters calculations based on statistics from the National Bureau of Statistics (NBS). The Shanghai Composite index has chalked up a seven-day winning streak thus far. The property sector was the flavor of the day; Shanghai Shimao rocketed by the daily maximum allowable of 10 percent. Poly Real Estate (Shanghai Stock Exchange: 48-SZ) and China Vanke (:Z2-CN) rose over 1 percent each, while China Merchants Property (:Z24-CN) and Gemdale advanced 1 and 0.9 percent, respectively. Despite weakness in the data, people expect the government to help support the market in the form of [interest] rate cuts, which will be positive for the sector," Du Jinsong, head of Asia Property Research at Credit Suisse, told CNBC Asia's " Squawk Box ." In Hong Kong, Ozner Water (Hong Kong Stock Exchange: 2014-HK) remain halted following negative research published by Glaucus Research Group, which sent the stock down as much as 25 percent on Monday. ASX loses 0.5% Australia's S&P ASX 200 index backed away from Monday's seven-year closing high on the back of steep losses among the miners and two major lenders. Australia and New Zealand Banking Group (ASX:ANZ-AU) fell 2.5 percent following a modest rise of 3.5 percent in first-quarter cash profit and after the bank warned of a "slightly tougher, more volatile" operating conditions. Commonwealth Bank of Australia, meanwhile, fell 3.7 percent. However, helping to offset the sector's losses, Macquarie Group (ASX:MQG-AU) surged 3.5 percent after its CEO said it expects this fiscal year's profit at the "upper end" of forecasts. Among other companies reporting earnings, mining major Fortescue Metals (ASX:FMG-AU) closed down a hefty 4.9 percent after posting a steep 81 percent dive in first-half results. Engineering group Monadelphous erased early gains to settle 0.3 percent lower following a 30 percent slide in half-year profit. Consumer electronics retailer Dick Smiths lost 6.7 percent, while jobs website Seek tanked nearly 10 percent despite posting a 64 percent jump in first-half profit. Amcor (ASX:AMC-AU) was the outperformer, rising 2.6 percent on the back of better half-year net profit. The Australian dollar (Exchange:USDAUD=) jumped 0.2 percent to $0.7780 on the back of minutes from the last central bank meeting in Australia, which suggested that another rate cut might be in the offing.

Nikkei slips 0.1% After hitting its highest level since July 2007 in the previous session, Japan's Nikkei 225 drifted lower as dollar-yen dipped to the lower-end of the 118 territory. Exporter stocks were mixed as a result of the stronger currency: Toshiba (Tokyo Stock Exchange: 6502.T-JP) recouped losses to inch up 0.3 percent, while Toyota Motor (Tokyo Stock Exchange: 7203.T-JP), Sony (Tokyo Stock Exchange: 6758.T-JP) and Canon (Tokyo Stock Exchange: 7751.T-JP) made losses between 0.3 to 0.6 percent. Index heavyweights Fast Retailing (Tokyo Stock Exchange: 9983.T-JP) and mobile carrier Softbank (Tokyo Stock Exchange: 9984.T-JP) led the bourse lower, losing 1.3 and 0.5 percent each. On the domestic front, the Bank of Japan (BOJ) commences its two-day monthly meeting, a day after gross domestic product (GDP) data showed Japan emerged from technical recession Read More Bank of Japan in hot seat to produce inflation Kospi adds 0.2% South Korean markets rebounded into positive territory in the afternoon session, but light trade prevailed ahead of a three-day-long Chinese New Year holiday. Hyundai Motor (Korea Stock Exchange: 538-KR) was the outperformer, charging up nearly 3 percent, on news that the carmaker will spend around $1.8 billion by 2020 to expand its production capacity as well as invest in research and development of new vehicles.

Tong Yang Life Insurance bolstered 3 percent, recovering modestly from Monday's 9 percent slump following news that China's Anbang Insurance Group will buy a controlling stake in the South Korean life insurer for about $1 billion. Meanwhile, the country's central bank kept interest rates unchanged for a fourth straight month, in line with expectations.

Read More Noble takes second-day hit from Enron comparison Rest of Asia Singapore's key Straits Times (Singapore Exchange: .FTSTI) index finished 0.4 percent lower despite revised data showed the country expanding at a much faster pace than earlier thought in the final quarter of 2014. The Southeast Asian city-state grew an annualized 4.9 percent in the October-December period, more than double of a 2.1 percent estimate from Reuters and much better than the 1.6 percent previous print. CapitaLand (Singapore Exchange: CATL-SG) elevated 1.1 percent after reporting a robust 187 percent leap in fourth-quarter profit. Shares of commodity trader Noble Group added a 5 percent decline to Monday's 8.7 percent slump following a critical report by Iceberg Research . Meanwhile, the Jakarta Composite (Jakarta Stock Exchange: .JKSE) finished up 0.2 percent as Bank Indonesia cut its benchmark interest rate by 25 basis points to 7.50 percent.