SINGAPORE, Nov 18 (Reuters) - Hong Kong stocks are cheap

but may miss out on the benefits of China's efforts to support

its economy, analysts at Goldman Sachs ( GS ) said, while downgrading

their recommendation on the market.

"Although valuations are not demanding, Hong Kong does not

offer much economic or earnings growth," Goldman analysts said

in an Asia-Pacific portfolio strategy note published on Sunday,

which recommended an underweight allocation to Hong Kong.

"The property and retail sectors remain under pressure and

the economy may not benefit as much from policy support in China

as it previously has, given China's focus on bolstering the

domestic economy."