POLL-China stock fever cools on policy concerns, fund survey shows

* Fund managers cut suggested equity weightings amid policy concerns

* Raise bond, cash weightings

* Reduce exposure to financial, real estate stocks

(For accompanying table, click on )

SHANGHAI, Feb 28 (Reuters) - The investment fever that fuelled China's stock market rally since late last year cooled in February as fund managers reduced their recommended equity weightings as Beijing renewed efforts to curb real estate prices and property shares, the latest Reuters fund poll showed.

Risk appetite also waned on policy uncertainty ahead of next week's key National People's Congress.

The average recommended stock weighting over the next three months fell to 83.4 percent from last month's 27-month high of 85.8 percent, according to the monthly poll of eight China-based fund managers conducted this week.

But they raised suggested allocations for bonds to 5.1 percent from last month's 4 percent, and increased recommended cash holdings to 11.5 percent from 10.2 percent.

"There's little momentum for the index to rise further before policies are clear," said one of the fund managers, who declined to be identified. "In addition, liquidity tends to tighten after the Lunar New Year holiday, which is also a negative to the market."

China will kick off its annual National People's Congress on March 5. The country's new leadership will be elected and new policies will be shaped.

Last week, departing Chinese Premier Wen Jiabao vowed to further tighten curbs on the real estate market after a recent surge in home prices triggered renewed fears of price bubbles.

The CSI300 index of top Chinese companies has lost about 6 percent during the past week.

Fund managers slashed their suggested weightings in financial stocks to 14.9 percent from 18.8 percent because the sector no longer looks cheap after jumping nearly 40 percent during the past two months.

Managers cut suggested suggested weightings for real estate stocks to 9.5 percent from 11.2 percent, while cutting their recommended exposure to the automobile sector to 5.9 percent from 9 percent.

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To see other polls in this series, click on:

- Reuters Britain-based asset allocation survey

- Reuters U.S.-based asset allocation survey

- Reuters Japan-based asset allocation survey

- Reuters Continental Europe-based asset allocation survey ($1 = 6.2281 Chinese yuan)

(Additional reporting by David Lin; Editing by Kim Coghill and Eric Meijer)