(Bloomberg) -- China has enough ammunition to salvage its beleaguered property sector, as total bailout funds could reach 3.57 trillion yuan ($501 billion) with central government support, according to CLSA Ltd.

That’s far more than the 700 billion yuan to 800 billion yuan funding gap for stalled projects, based on S&P Global estimates. At worst, this number could reach as much as 2 trillion yuan, the company added. 

Authorities have sought to defuse the deepening property crisis with a raft of measures, including cutting interest rates, asking banks to meet the reasonable financing needs of developers, and offering special loans of 200 billion yuan through policy banks to ensure property projects are delivered.

S&P estimates that about 2 million unfinished homes presold by developers have been halted. Despite the flurry of local government measures, mortgage boycott figures have grown since August. Homeowners are also getting bolder in their demands, citing a wider range of concerns as justification for halting payments, including poor construction and noise pollution. 

“Fixing the property downturn is important to the economy and social stability, two major objectives of the government,” said S&P analysts led by Edward Chan. “The downturn has now hit a point where the government may feel the need to establish a definitive turning point.” 

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