Chinese mainland and Hong Kong equities rose on Tuesday, as real estate stocks extended their rebound amid growing signs of China's marginal policy easing.

The CSI300 Real Estate Index jumped more than 4 percent to a nearly two-month high, having rebounded almost 20 percent from its November low. An index tracking Hong Kong-listed Chinese mainland developers rose roughly 2 percent.

Sentiment in the sector was bolstered by growing signs of government support. China is urging large private and state-owned property companies to acquire real estate projects from troubled developers, the official China Securities Journal said on Monday.

Shares of Fantasia Holdings Group Co. Ltd. jumped as much as 21.7 percent after the Chinese developer said certain bondholders have agreed to a payment delay.

However, Chinese mainland video and livestreaming platforms listed in Hong Kong slumped, after internet celebrity Viya was ordered to pay 1.34 billion yuan ($210.16 million) for tax evasion.

Bilibili tumbled more than 6 percent, Kuaishou Technology lost as much as 4 percent, while Alibaba Group, which owns e-commerce Taobao Live platform, dropped 1.5 percent.

The Hang Seng Index jumped 1.00 percent on Tuesday, while the Shanghai Composite Index rose 0.88 percent.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.81 percent after declining on Monday to the lowest in a year.

While the widespread selling in global shares appeared to have eased, investors are still concerned about Omicron risks.

"COVID remains a threat to the global economy. Initial evidence suggests the Omicron variant is more transmissible but results in less severe illness compared to previous variants," economists at CBA wrote in a note.

(With input from Reuters)