HONG KONG, Dec 13 (Reuters) - China stocks snapped a three-day rally on Wednesday, with Hong Kong shares also declining as key messages at the Central Economic Work Conference, focusing on defusing risks but lacking new property stimulus, failed to excite investors.

** The blue-chip CSI 300 Index fell 1.7%, while the Shanghai Composite Index declined 1.2%

** Hong Kong's Hang Seng Index slipped 0.9% and the Hang Seng China Enterprises Index dropped 1.1%.

** Broader Asian shares remained subdued as traders awaited the U.S. Federal Reserve's final policy decision of the year and sought clues on whether the central bank would cut rates next year.

** China will focus on boosting effective demand next year, and make concerted efforts to spur domestic demand, state media said, citing the annual Central Economic Work Conference held from Dec. 11-12.

** Analysts said the agenda-setting meeting of the country's top leaders placed less emphasis on the property sector and instead focused more on domestic demand, in line with the market's low expectations.

** While policymakers acknowledged economic challenges and maintained a pro-growth tone, "there is no new statement around property" in the readout, Goldman Sachs analysts said.

** Citigroup analysts expect December property sales to remain weak.

** Meanwhile, a senior Communist Party official told state media CCTV that China should set its 2024 fiscal deficit and special local government bonds at appropriate levels, optimising the structure of fiscal spending. The comments were made after the agenda-setting meeting.

** Most sectors declined, with liquor and real estate stocks dropping 3.7% and 2.8%, respectively, to lead the fall.

** Losses of property developer Sunac China widened in the afternoon, with its shares closing down 15%.

** Hong Kong-listed tech giants slipped 1.2%.

(Reporting by Summer Zhen; Editing by Rashmi Aich and Dhanya Ann Thoppil)