Mowat pointed out that fixed-asset investments into the real estate sector is up while property demand is down, which could lead to diminished construction activity.

“One should be concerned about what’s happening in the China property market,” Mowat said at the conference. “People are too complacent that the government can turn what’s going on in this market.”

Premier Jiabao projected that the Chinese economy will expand 7.5% for the year, down from the average 8% average over the past seven years. [China ETFs Slip on Lower Growth Forecast]

However, others believe that the doomsayers are being histrionic. Yale University Professor Stephen Roach said that China’s hard landing concerns are “vastly overblown.”

“I don’t think the banking system will collapse and the property bubble will burst,” Roach said at a conference in Shanghai. “These are all exaggerations.”

For more information on China, visit our China category.

Max Chen contributed to this article.