China imports growth slowed down to 22.7% year-on-year in July vs June’s 34.1% gain, indicating China’s property tightening measures is taking effect. However, property prices in 70 of China’s large and medium-sized cities remained flat in July on-month but rose 10.3% on-year. The weaker-than-expected July imports reinforce pessimism over China’s second half economic outlook, while the stubbornly high property prices dash hopes of easing tightening policy. Shanghai Composite Index fell 1.8% at 2623.79 and Shenzhen Index down 2.2% at 1097.86 in Tuesday morning session. Hong Kong HSI also retreated 1.01% at  21580.59. “The latest slew of data suggest domestic consumption is weakening and triggered worries about property and banking stocks,” says Xu Wei, analyst at Guojin Securities.