China stocks flat, but ChiNext soars to record; Hong Kong falls
* CSI300 -0.2 pct; SSEC flat; HSI -0.7 pct
* ChiNext surges to record after regulator denies crackdown
* Property shares fall after April home price data
By Samuel Shen and Pete Sweeney
SHANGHAI, May 18 (Reuters) - China stocks were flat on Monday morning ahead of a fresh wave of new share sales this week, with Nasdaq-style board ChiNext in the limelight as it scaled to new heights.
ChiNext, the Shenzhen-based start-up board, jumped 3.5 percent to record highs, after China's securities regulator on Friday denied media reports that it was urging fund managers to reduce holdings of ChiNext stocks.
"Most of the investors in the mainland believe that if you want to make big money, you have to look for the next-generation stocks...and smaller names, as they're the ones with hyper growth, and not subject so much to the (slowing) macro economy," said Arthur Kwong, head of Asia Pacific equities at BNP Paribas Investment Partners.
"Micro stories could be attractive...but the question mark, the big debate is how much (earnings) multiple you're going to give."
A recent burst in buying has pushed the ChiNext index to more than 100 times earnings. Continuación...