* CSI300 -0.5 pct; SSEC -0.2 pct; HSI -0.6 pct
* Property stocks firm on improving price data; banks down
* Hong Kong sentiment hurt by vote-reform plan anxiety
By Samuel Shen and Pete Sweeney
SHANGHAI, June 18 (Reuters) - China stocks came under pressure on Thursday morning from 11 IPOs rushing onto the market, prompting some investors to take profits in outperforming banking shares, though property stocks were firm on improving home-price data.
Hong Kong shares remained weak, with sentiment hurt by prospects the Federal Reserve could raise rates as early as September - which could pull money to the U.S. - and also by debate over a controversial electoral package for the city.
During the midday break, Hong Kong's legislature vetoed the proposed package.
China's CSI300 Index was down 0.5 percent at the end of the morning session, while Shanghai's benchmark SSEC had recouped some early losses to be off 0.2 percent.
Hong Kong's key index Hang Seng was a touch lower, while the Hang Seng China Enterprises index lost 0.6 percent.
Eleven Chinese companies - including brokerage giant Guotai Junan Securities - start taking investor subscriptions for initial public offerings on Thursday, and nine will follow suit on Friday, putting pressure on market liquidity.
"Today is a particularly IPO-heavy day," wrote Gerry Alfonso, director at Shenwan Hongyuan Securities Co. "This was clearly going to have an impact on the market."
Chinese investors have become increasingly cautious after an eight-month-long bull run made the country's stock market the world's best-performing, and the most heavily traded.
Several prominent analysts have warned investors of a possible prolonged correction in the second half, after the market surged over 140 percent over the past 12 months.
And seven out of 10 global investors say China's equity market is in a "bubble", according to a Bank of America Merrill Lynch fund manager survey.
On Thursday, some investors apparently decided to take profit from banking shares, knocking the CSI300 bank index down 2.2 percent.
The sector rose sharply on Wednesday on hopes of ownership structure reforms in state lenders.
But real estate stocks were buoyant by midday, after data showed China's new home prices rebounded nationwide for the first time in 13 months in May from April, offering hopes that the property downturn is bottoming out.
Transport stocks also rose, after the government said it would step up effective investment" in key sectors, including shantytown renovation and rural power infrastructure, to support growth.
In Hong Kong, shares of China Resources Enterprise Ltd jumped 9 percent after the company said it would increase the sales price of its non-beer assets. (Editing by Richard Borsuk)