By Sinead Cruise

LONDON (Reuters) - Property companies Grainger and Quintain hit investors with 441 million pounds of cash calls on Thursday, reviving fears the property sector may not be clear of its debt troubles.

More than two months after commercial property prices found a floor, developer Quintain (QED.L: Quote, Profile, Research) and residential landlord Grainger (GRI.L: Quote, Profile, Research) said they still needed funds to prop up balance sheets hit by the global banking crunch and property crash.

"As far as the sector goes, the listed part has had the privilege of sorting out its balance sheet but the private part hasn't," said Singer Capital Markets analyst Ian Wild, adding debt fears were as raw as ever.

"The rights issues are underwritten so the companies have got the money regardless of what shareholders think or do."

Grainger is looking to raise a gross 250 million pounds from the sale of shares at a 40 percent discount, while Quintain is hoping a 72 percent discount will tempt investors to its 191.2 million pounds share offer.

Both companies said the bulk of their sales would be mainly used to reduce debts and put banking covenants further out of danger, with smaller portions earmarked for potential new acquisitions or development.

Grainger shares shed 6.6 percent to trade at 253.6 pence at 10:17 a.m., while Quintain gained 3.3 percent to trade at 181 pence. Quintain shares closed 14 percent down on Monday, the day after press reports said it was planning a share sale.

News of the proposed rights issues coincide with the emergence of a two-tone UK property market, where rising values belie tough letting market conditions and a ongoing threat of recession-led tenant failures.