SHANGHAI, Nov 27 (Reuters) - China stocks fell on Monday, as data showed profits at China's industrial firms grew at a slower pace in October, with strong foreign outflows denting investor sentiment.

** The blue-chip CSI 300 Index lost 1.2%, and the Shanghai Composite Index was down 0.8% by the midday recess.

** Hong Kong's Hang Seng Index lost 1%, and the Hang Seng China Enterprises Index declined 1.3%.

** Other Asian shares also slipped ahead of potentially market-moving inflation data from the United States and Europe later in the week, and a meeting of oil producers that could stop, or extend, the recent slide in prices.

** Profits at China's industrial firms extended gains for a third month in October, albeit at a slower pace, suggesting policy support measures need to be sustained to help shore up growth in the world's second-largest economy.

** The 2.7% year-on-year rise sees profit growth narrow back to single-digits, following an 11.9% increase in September and a 17.2% gain in August.

** Foreign investors sold a net 4 billion yuan ($554.70 million) of Chinese shares via the Stock Connect so far on the day.

** "The CSI 300 has been in decline for past 3 weeks despite (policy support) announcement of what we feel are quite concrete," said Wong Kok Hoong, head of equity sales trading at Maybank Securities. "The price action, and the charts, seemed to be pointing indices will be retesting lows."

** Most sectors fell. Property developers plunged 3% after a 4% gain in the previous week amid media reports of latest policy support.

** Shares in new energy, media and liquor makers lost more than 2% each.

** The Hang Seng Mainland Properties Index slumped 3.8% and the Hang Seng Tech Index slipped 0.9%.

** Still, small stocks rose amid speculative bets. Shares of Beijing Stock Exchange, which focuses on China's innovative small companies, jumped nearly 10% following a record 21% gain last week, amid policy support and frenzied bets.

($1 = 7.2111 Chinese yuan) (Reporting by Shanghai Newsroom; Editing by Mrigank Dhaniwala)