SHANGHAI, Dec 20 (Reuters) - China stocks fell on Monday after a rate cut in China"s lending benchmark failed to lift investor sentiment, with analysts saying its impact on the economy would be limited. The CSI300 index (.CSI300) fell 1% to 4,906.38 by the end of the morning session, while the Shanghai Composite Index (.SSEC) lost 0.8% to 3,605.21. The Hang Seng index (.HSI) dropped 1.4% to 22,858.50. The Hong Kong China Enterprises Index (.HSCE) lost 1.5% to 8,098.62. ** China cut its lending benchmark loan prime rate (LPR) for the first time in 20 months, matching market expectations, in a bid to prop up the slowing economy. read more ** The one-year LPR was lowered by 5 basis points, while the five-year LPR remained unchanged. Analysts said the decision to keep the five-year rate unchanged showed Beijing preferred not to use the property sector to stimulate economic growth. ** "The mini rate cut itself is unlikely to have a big impact on the economy," said Zhiwei Zhang, chief economist at Pinpoint Asset Management. Some analysts expect Beijing could ease further to arrest the economic slowdown. ** New energy stocks (.CSI399808) tumbled 3.8%, with new energy vehicles (.CSI399976) and the photovoltaic industry (.CSI931151) down 3.2% and 4.1%, respectively. ** Coal miners (.CSI000820) and non-ferrous metal shares (.CSI000811) declined more than 2.5% each, while the machinery sub-index (.CSI000812) slumped 3%. ** However, real estate developers (.CSI000952) gained 1.8%, after the official China Securities Journal said China was urging large private and state-owned property companies to acquire real estate projects from troubled developers to reduce risks that mounting debt piles would destabilise the economy. read more ** Hong Kong shares extended losses to a 20-month low, with tech giants (.HSTECH), healthcare firms (.HSCIH) and mainland property developers (.HSMPI) down between 2.4% and 3%. ** Kaisa Group (1638.HK) plunged 14%. The embattled property developer said it had not received any notice from bondholders to accelerate repayments yet as it had not repaid a $400 mln offshore bond. read more