* SSEC -0.1 pct, CSI300 -0.1 pct, HSI -0.2 pct
* Home price in major Chinese cities jump
* Investors cautious ahead of Fed, BOJ policy meeting
SHANGHAI, Sept 20 (Reuters) - China stocks stepped back in thin trading on Tuesday morning, with upbeat home price data bolstering the property sector in an otherwise sluggish market.
Hong Kong stocks were roughly flat as investors were cautious before central bank policy meetings in the United States and Japan.
Both China’s blue-chip CSI300 index and the Shanghai Composite Index fell 0.1 percent, to 3,260.11 points and 3,024.08 points, respectively.
Trading turnover in Shanghai, which hit a 1-1/2-month low on Monday, remained thin.
Shenwan Hongyuan Securities Co advised clients in a note to adopt a wait-and-see cautious stance as the recent rebound in the market appeared technical in nature, and not sustainable.
Property stocks were in the spot light after fresh official data showed the average new home price in 70 major Chinese cities climbed 9.2 percent from a year earlier in August, up from 7.9 percent in July.
While the solid gains underscore policy concerns around the uneven growth in the housing market - some cities have seen surges in prices and others have slowed or fallen - the overall data strengthens the belief that real estate is one of only a few sectors in China that remain attractive to investors.
The official Xinhua news agency said in a commentary on Tuesday that China should apply differentiated property policy as home prices surge in some cities.
The property sector rose 0.5 percent, offsetting weakness in banking and transportation shares.
In Hong Kong, the Hang Seng index dropped 0.2 percent, to 23,500.81 points, while the Hong Kong China Enterprises Index was unchanged at 9,751.20.
On the whole, investors were nervously waiting on the outcomes of the Federal Reserve and Bank of Japan policy meetings that begin later in the session.
Most sectors weakened, with consumer service stocks among the biggest losers.
Reporting by Samuel Shen and John Ruwitch; Editing by Shri Navaratnam