HONG KONG, Sept 6 (Reuters) - China and Hong Kong shares clawed back some early losses to close largely flat on Wednesday as investors awaited trade data for clues about the health of the world's second-largest economy, while property stocks surged on talk of further easing.

** China's blue-chip CSI 300 Index ended 0.22% lower, while the Shanghai Composite Index rose 0.12%.

** Hong Kong's Hang Seng Index was flat, and the Hang Seng China Enterprises Index climbed 0.11%.

** China is set to release its August trade data on Thursday. Both exports and imports are expected to further contract on a year-on-year basis, but at a slower pace.

** This will follow a notable decline in the August Caixin/S&P Global services purchasing managers' index published on Tuesday, indicating that bigger stimulus is needed to revive the economy.

** China's current economic woes are caused by both cyclical and structural factors, and require measures on both fronts, said Wang Tao, chief China economist at UBS.

** "To put the economy on a stronger recovery path, the most urgent task is to prevent property activities from sliding further," she said, suggesting a further relaxation in purchasing restrictions and more support for property developers.

** In a commentary on Wednesday, the state-backed Securities Times called for the removal of restrictions on property selling and buying, as well as selling price limitations in most non-tier 1 cities.

** Hong Kong-listed mainland property developers jumped 3.6% as investors bet on more easing measures for the sector.

** Some leading private developers soared, with China Evergrande and Sunac China up 83% and 68% respectively.

** The property sector rally also comes as Country Garden made interest payments on U.S. dollar bonds this week hours ahead of a grace period deadline, pulling back from the brink of default.

** Heavyweight tech firms listed in Hong Kong dipped 0.4%.

** In mainland A-shares, the CSI Anime Comic Game sub-index fell more than 2% to lead the decline.

** Semiconductor shares jumped 2.7% after Reuters reported China plans to launch a new $40 bln state fund to boost its chip industry. (Reporting by Summer Zhen; Editing by Subhranshu Sahu and Jan Harvey)