China’s real estate market desperately needs a boost in confidence, analysts said, after reports of homebuyers halting mortgage payments rocked bank stocks and raised worries of a systemic crisis.

The size of the mortgages isn’t as worrisome as the impact of the latest events on demand and prices for one of the biggest financial assets in China: residential housing.

“It is critical for policymakers to restore confidence in the market quickly and to circuit-break a potential negative feedback loop,” Goldman Sachs chief China economist Hui Shan and a team said in a report Sunday.

Last week, a spike in reported numbers of homebuyers halting mortgage payments prompted many Chinese banks to announce their low exposure to such loans. But the bank stocks fell. The homebuyers were protesting construction delays for the apartments they’d paid for ahead of completion, as is typical in China.

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