On Thursday, Goldman Sachs said it now expects nearly a fifth of lower-rated Chinese property firms to default this year, and in a more severe scenario, it might be nearly a third.

The investment bank boosted its base case default rate estimate from 11% to 19%, and its downside case estimate from 25.4 percent to 31.6 percent.

"While there haven't been many payment defaults in recent weeks, stress levels are increasing," Kenneth Ho said in a note to customers on Wednesday.

"In the following months, China Property HY will experience a lot more bond maturities, with the possibility of more maturity extensions/bond exchanges, as well as payment defaults."Goldman Sachs raises odds of China share inclusion in MSCI indexes to 70%

According to Goldman Sachs, high-yield corporations will have $3.6 billion in bonds due to maturity by the end of the month, followed by $3.3 billion in March, and $3.7 billion in April.