China, Hong Kong stocks dip as property tax incentives fail to impress

Hong Kong, Nov 16 (Reuters) - China and Hong Kong stocks fell on Thursday after Beijing's latest measures to revive the struggling property sector failed to boost investors' mood.

** At the midday break, the Shanghai Composite index was down 0.32% at 3,428.37 points. China's blue-chip CSI300 index was down 0.31%. Hong Kong's benchmark Hang Seng Index was down 0.88% at 19,649.91.

** China's latest effort to shore up the crisis-hit property sector via tax incentives on home and land transactions failed to improve stock prices in the sector.

** The CSI real estate index was down 0.52%, and the Hang Seng Mainland property Index slid 2.25%. Developer Longfor was among the top losers in Hong Kong, falling 5% to its lowest since late September.

** Bucking the trend, Chinese technology company Tencent climbed as much as 2.8% after posting an 8% rise in September-quarter revenue.

** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.48%, while Japan's Nikkei index added 0.15%.

** The yuan was quoted at 7.2435 per U.S. dollar, 0.15% weaker than its previous close of 7.233.

** So far this year, the Shanghai stock index is up 15.2% and the CSI300 has risen 19.4%, mostly due to a surge triggered by government promises of stimulus in late September.