SHANGHAI, Aug 10 (Reuters) - Hong Kong stocks fell on Wednesday by their most in a week, dragged down by the property sector, while mainland China equities eased as slower-than-expected inflation reignited market concerns over weak domestic demand.

** At the close, the Shanghai Composite index eased 0.54% to 3,230.02, and the blue-chip CSI 300 index slipped 1.12% to 4,109.73.

** Financials edged down 0.72%, the real estate index lost 1.03%, and healthcare stocks fell 1.77%.

** In Hong Kong, the benchmark Hang Seng Index tumbled 1.96% to 19,610.84 in its biggest daily drop since Aug.2, while Chinese H-shares listed in Hong Kong fell 2.22%.

** The Hong Kong market tracked losses in global equities, as investors anxiously awaited U.S. inflation data, which could provide more clues on the Federal Reserve's trajectory of monetary policy tightening.

** The property sector was among the top losers after UBS downgraded major developers Country Garden, Longfor Group, as well as property management companies Country Garden Services and Jinke Smart Services , to "neutral" from "buy". An index tracking Chinese developers listed in Hong Kong fell 5.14%.

** China's July factory-gate inflation eased to a 17-month low, defying global cost pressures as slower domestic construction weighed on raw material demand, although consumer prices picked up pace, driven mostly by tight pork supplies.

** "The COVID outbreaks in many cities and the lack of further policy stimulus may have led to weaker growth in July," said Zhang Zhiwei, chief economist at Pinpoint Asset Management.

** The weaker demand as suggested by falling non-food prices in July from a month earlier weighed on the consumer sector, with an index tracking the performance of the sector falling 1.68% by the close.

** The defence sector outperformed the market with a 0.51% rise, underpinned by Sino-U.S. tensions over Taiwan.

(Reporting by Shanghai Newsroom; Editing by Rashmi Aich and Subhranshu Sahu)