HONG KONG, May 20 Reuters Shares of Chinese developers wobbled on Monday as investors fretted that China39;s historic steps to stabilise its crisishit property sector fell short of what is required to foster a sustainable turnaround in demand and confidence.

Hong Kong39;s Hang Seng Mainland Properties Index was flat by late morning, after dropping more than 2 earlier in the session. It has gained around 18 so far this month after the Politburo said in an April 30 meeting that it would coordinate to clear housing inventory.

Embattled statebacked developer China Vanke rose nearly 5, reversing losses in early morning, while Sunac China, a major developer which has completed offshore debt restructuring, bounced more than 3. Shimao Group, ChinaOcean and KWG Group, however, remained in the red.

China unveiled measures on Friday to facilitate 1 trillion yuan 138 billion in extra funding and ease mortgage rules, with local governments set to buy some apartments.

As part of those steps, the central bank said it would set up a 300 billion yuan 41.49 billion relending facility for stateowned enterprises SOEs to purchase completed and unsold homes at reasonable prices for affordable housing.

The central bank expects the relending programme would result in 500 billion yuan worth of bank financing.

Analysts said the central government39;s decision to step in as a buyer marked an important step but noted that the size of financing on offer pales in comparison to the estimated…