China stocks closed lower on Wednesday, as investors were cautious amid uncertainties during the Communist Party Congress, even as a raft of state-backed and large asset managers announced measures to stabilise the market.

Hong Kong shares also snapped a three-day rally after the city's leader delivered his first policy address, as economic stimulus measures failed to boost sentiment.

** China's blue-chip CSI 300 Index dropped 1.61%, while the Shanghai Composite Index fell 1.19%.

** Hong Kong's Hang Seng Index slid 2.38%, and the Hang Seng China Enterprises Index declined 2.75%.

** MSCI's broadest index of Asia-Pacific shares outside Japan reversed earlier gains to shed 0.5%.

** At least 21 large onshore China asset managers including E Fund Management Co, Invesco Great Wall Fund Management, and Bank of Communications Schroder Fund Management said this week they were investing their own money to buy products in a bid to stabilize the confidence on China's capital market, local media reported.

** Consumer staples companies declined 3.2%, and Food & Beverage names went down 3% to be among the biggest losers.

** Hong Kong Chief Executive John Lee announced initiatives to attract talent and investment to the city in his inaugural policy address.

** Property stocks pared morning gains and closed 1.6% lower, as the policy address didn't mention short-term stimulus programs.

** Property tycoons New World Development slumped 7.8%, and Sun Hung Kai Properties went down 3.6%.

** Hong Kong announced to offer overseas professionals, who become permanent residents after living in the city for seven years, a rebate on the stamp duty paid on home purchased for non-residents.

** CITIC Securities expect Hong Kong stocks to rebound after the U.S. midterm elections on Nov. 8.

** "The current 2023 earnings growth forecast of Hang Seng Composite Index is 12.2%, much higher than S&P 500's 7.5%, and this is the first time Hong Kong stocks' earnings growth outpaces that of the U.S. stocks in nearly three years," CITIC securities said in a note.

** Hong Kong-listed tech firms tumbled 4.2% and Hong Kong, led losses.

** Hong Kong exchange dropped 2% after it reported a 30% drop in third-quarter profits. (Reporting by Summer Zhen; Editing by Rashmi Aich and Uttaresh.V)