China is facing rising risks of a financial crisis, a research note from Japan's investment bank Nomura Securities said on Tuesday.

China is displaying the same three symptoms that Japan, the United States and parts of Europe all showed before suffering financial crises: a rapid build-up of leverage, elevated property prices and a decline in potential growth, the research note said.

"We looked into the financial risks that the Chinese economy faces and found that the most vulnerable areas are local governments' financing vehicles, property developers, trust companies and credit guarantee companies," said Zhiwei Zhang, an economist at Nomura.

Almost all of China's major cities saw home price hikes in February, with the growth rate accelerating, the National Bureau of Statistics said on Monday. That indicates growing risks in the property market despite the stringent policies, industry analysts said.