* CSI300 +0.4 pct; SSEC flat; HSI +0.1 pct
* Investors closely watch a key China economic meeting
* Property shares jump on signs of stabilisation
SHANGHAI, Dec 18 (Reuters) - China and Hong Kong stocks calmed on Friday after a relief rally the previous session following an expected rise in U.S. interest rates, with investors refocusing on economic fundamentals.
China's CSI300 index edged up 0.4 percent, to 3,770.47 points by the lunch break, while the Shanghai Composite Index was unchanged at 3,580.17 points.
In Hong Kong, the Hang Seng index added 0.1 percent, to 21,896.31 points. The Hong Kong China Enterprises Index gained 0.2 percent, to 9,681.21.
"Yesterday, investors were excited that the Fed finally raised rates, and global markets all rose. But when you cool down, you find there's really nothing to cheer about, as U.S. rate rises would only lead to capital outflows," said Gu Yongtao, analyst at Cinda Securities Co.
He added that investors were closely watching for any policy moves that could be announced at a key central government economic meeting that opened on Friday, as "the market has lost sense of direction."
Results from a private survey of Chinese firms showed that China's economy was plagued by pervasive weakness in the fourth quarter, raising questions about the veracity of stronger-than-expected official activity data this month.
But on Friday, property stocks in China had another solid performance. The sectors rose 3.8 percent, bolstered by data showing China's home prices rose for the second straight month in November from a year earlier that offered fresh signs of stabilisation in the housing market.
Shares of China Vanke Co Ltd jumped 10 percent to an 8-year high on news that Chairman Wang Shi did not welcome property and insurance group Shenzhen Jushenghua Co to become its biggest shareholder, fuelling speculation the management might seek white knights to wrestle for control of the company.
Banking shares also rose sharply as investors bet a stabilising property market would help strengthen lenders' balance sheets.
In Hong Kong, most sectors fell, tracking weakness on Wall Street.
Energy and resources shares declined the most, as fears of global economic slowdown resurfaced.
Editing by Jacqueline Wong