HONG KONG, March 14 (Reuters) - Hong Kong shares reversed early gains to snap a four-session winning streak on Wednesday, dragged by China plays after Premier Wen Jiabao doused expectations for easing in the property sector at the close of China's annual parliamentary meeting.
The Hang Seng Index closed down 0.15 percent at 21,307.89. The China Enterprises Index of top mainland listings in Hong Kong ended down 0.49 percent at 11,300.41.
The Shanghai Composite Index recorded its worst loss in 3-1/2 months, reversing a 0.7 percent midday gain to finish down 2.63 percent at 2,391.23, with property and other growth-sensitive sectors among the hardest hit.
* Strength in HSBC Holdings Plc and Li & Fung Ltd kept the Hang Seng Index from slipping into the red until the last 40 minutes of trade. HSBC Holdings Plc, Europe's largest bank and the Hang Seng Index's biggest stock, rose 2.4 percent in more than twice its 30-day average volume, tracking strength in the banking sector on Wall Street after the Fed released results from its latest stress tests on U.S. banks. Li & Fung, manager of supply chains for retailers including Wal-Mart Stores Inc and Target Corp, jumped 4 percent, cheered by encouraging U.S retail numbers.
* Ahead of China Mobile Ltd's 2011 results announcement on Thursday, its stock was hit by a downgrade from broker UBS and a derivatives-led rotation into shares of smaller peer China Unicom (Hong Kong) Ltd. A two-day rally in China Mobile starting last Friday took it to a 2-1/2 year high on Monday on hopes of its aggressive 4G rollout plans, although the jump was exacerbated by warrants activity. On Wednesday, however, it dropped 2.7 percent in more than twice its average 30-day volume.
* Corporate earnings are expected from a flurry of companies on Thursday, including China Mobile Ltd, China Overseas Land & Investment Ltd, China Shipping Development Co Ltd, Galaxy Entertainment Group Ltd , Ping An Insurance (Group) Co of China Ltd and Swire Pacific Ltd. (Reporting by Clement Tan and Vikram Subhedar; Editing by Chris Lewis)