SHANGHAI: China stocks ended down on Monday after data showed the country’s economic activity had cooled sharply in April due to COVID-19 lockdowns, with investors looking past Shanghai’s June reopening plan and a home-loan rate cut for first-time buyers.

The blue-chip CSI300 index fell 0.8% to 3,956.54, while the Shanghai Composite Index was down 0.3% at 3,073.75. The Hang Seng index rose 0.3%, to 19,950.21, while the China Enterprises Index gained 0.3%, to 6,826.31 points.

China’s April retail sales plunged 11.1% versus a year earlier, almost twice the projected drop, while industrial output fell 2.9%, compared with analysts’ forecast for a slight increase.

Data on Friday showed new bank lending in China hit its lowest level in nearly four-and-a-half years in April, as the pandemic jolted the economy and weakened credit demand.

Shanghai set out plans for a return of more normal life from June 1 and for the end of a painful COVID-19 lockdown that has lasted more than six weeks. To prop up the property sector, the central bank cut the lower limit of interest rates on home loans for first-time purchasers by 20 basis points, based on Loan Prime Rates.

“Although we expect this cut to provide a benefit, the positive impact could be quite limited, as stringent anti-COVID-19 measures appear set to continue for an unspecified time,” Nomura analysts said in a note. China’s central bank rolled over maturing medium-term policy loans while keeping the interest rate unchanged on Monday, and some banks expect the lending benchmark Loan Prime Rate could be lowered at the monthly fixing on Friday.

China’s property sales in April fell at their fastest pace in around 16 years. Meanwhile, sources told Reuters three leading Chinese property developers, Country Garden, Longfor Group and Midea Real Estate, had been asked by authorities to issue bonds this week.

Property developers gained 1.5% and energy shares rose 2.2%, while healthcare firms lost 2.1% and automobiles declined 1.4%.