Calling China's property market a popping bubble might make for catchy headlines, but it isn't clear analysts really believe a massive downturn is on the cards.
"China faces a property overinvestment problem and there's a correction that's already started," Zhang Zhiwei, chief China economist at Nomura, told CNBC. "That's essentially what's already happened in the first four months" of the year, he noted.
But Zhang said while the headline of the Wall Street Journal article about Nomura's latest property report, "China's Property Bubble Has Already Popped, Report Says," was "catchy," his report never used the words bubble or pop.
China's property sector makes up around 25 percent of its economy, according to many analysts' estimates; the segment is closely watched for cues about the direction of the world's second-largest economy.
"It's the most important sector in the economy, supporting growth and supporting government revenue," Zhang noted.
He said the property correction could deepen and Nomura's worst-case scenario of 6 percent gross domestic product (GDP) growth is possible if the government sticks with its current policies, but he noted that's not the bank's base case.