Bhullar, who had moved close to top-20 after the front nine, carded a 73 after rounds of 70 and 71 on the first two days.
Meanwhile, Shiv Kapur (73-74) and Jeev Mikha Singh (76-72) missed the cut. It was especially heartbreaking for Kapur, who was four-under with two birdies and an eagle in first four holes of the second round.
Thereafter he collapsed with four bogeys and a double on 17th for a round of 74 and missed the cut by three. Bhullar had a birdie-birdie start but for the third time in three days he had trouble on the 18th. He bogeyed on the first day, double-bogeyed it on the second and endured a plus-five on the third day.
Levy is looking to win for the first time on The European Tour but he will have to resist a chasing pack that includes six time champion Quiros and three time winner Miko Ilonen (four shots off the pace) at the Genzon Golf Club in Shenzhen if he is to get over the line.
England's Tommy Fleetwood and Spain's Adrain Otaegui are tied for fourth place on 11 under, while Ryder Cup star Ian Poulter carded a third round 67 to move to six under for the tournament. World Number Three Henrik Stenson is two shots behind Poulter, while US PGA Champion Jason Dufner is a further shot back.