EVERYTHING IS GOING SWIMMINGLY (CHINA EDITION): China’s unfinished property projects are 20 times the size of Country Garden.

Apartments in China are typically sold ahead of completion. Ensuring construction of the homes has been a government priority since delays make people less willing to buy new apartments.

“In our view, amid the collapsing property sector and widespread credit fallout among property developers, home buyers might get increasingly impatient while waiting for the delivery of their purchased new homes,” the Nomura report said.

“At some point next year, the issue of home delivery could turn into a social issue and endanger social stability, and Beijing may eventually need to significantly ramp up policy support,” the analysts said. “We see this as the key to truly restoring the confidence in the property sector and economy.”

Plus: “About 3.2 trillion yuan ($440 billion) is needed to complete those remaining units, according to the analysts’ estimates.”

That would be one heckuva bailout.