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SHANGHAI: China stocks closed lower on Monday after data showed property investment and sales growth continued to slow, weighing on the economic outlook. Trading on China's Beijing Stock Exchange started, with new shares surging as much as six-fold. The blue-chip CSI300 index fell 0.1%, to 4,882.38, while the Shanghai Composite Index lost 0.2%, to 3,533.30 points.

China's industrial output and retail sales grew more quickly than expected in October, despite fresh curbs to control COVID-19 outbreaks and supply shortages, but the slowing property sector weighed on the economic outlook. Property investment and sales growth continued to slow over January-October compared with the first nine months, and new construction starts measured by floor area fell.

"The property sector slowdown is getting worse," said Zhiwei Zhang, chief economist at Pinpoint Asset Management, adding this was "the key risk for the macro outlook in the next few quarters."

"Any appropriate relaxation in the funding restrictions for the developers will help support China growth momentum in Q4," said Ken Cheung, Chief Asian FX Strategist at Mizuho Bank.

Trading on the new Chinese bourse kicked off on Monday, with shares of the 10 companies that recently conducted initial public offerings (IPOs) surging between 100% and 500% and triggering circuit breakers.

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