| Accompanied by the fast development of Chinese economy,the leverage ratio in the real economy continues to rise,bringing with it a large amount of financial risk.These are obstacles and difficulties that constrain the high-quality development of China’s economy.In order to prevent financial risks,the government has adopted a series of regulatory measures for the real estate market,especially the "three red lines policy" implemented in 2020,which has had a huge impact on the real estate industry.In the context of "deleveraging",once the myth of the "rigid repayment" of the main financing channel of the real estate industry-the bond market-is broken,some highliquidity and high-leverage real estate companies will face enormous survival pressure,thereby accelerating the exposure of default risk in the real estate industry.Therefore,it is necessary to conduct in-depth discussions on the default issues of real estate enterprises in the context of deleveraging.This paper provides an overview of the research on bond defaults both domestica lly and internationally.It summarizes the primary research topics and findings in this f ield,serving as a basis for the current study.At the same time,it understands various theories related to bond default,taking Sunnyside Group as a case study.First,the paper introduces and sorts out the regulation effect of Sunnyside Group’s real estate policies on Sunnyside under the background of deleveraging.Secondly,through the analysis of its financial characteristics and operating characteristics,explore the causes of its debt default,and then use the Z-value model to make a comprehensive evaluation of the financial situation of Sunnyside Group,and the risk of Sunnyside Group bond default is analyzed.Finally,this paper puts forward some risk prevention suggestions for Sunnyside’s bond default from three aspects: bond issuing body,investors and market supervision.Through the case analysis of Sunbright City Group,it is found that most of the relevant deleveraging measures taken by enterprises are only temporary,but do not fundamentally solve the problem of high leverage of enterprises.After the implementation of deleveraging policies,the scale of corporate debt is still large.The ability to repay debts has not been significantly improved,and the pressure of maturing debts is still large;Further analysis shows that corporate bond default is caused by the dual effects of external environment,internal radical expansion,high proportion of equity pledge and other factors.Therefore,enterprises should choose appropriate business strategy and deleveraging strategy,fundamentally adjust the debt structure,and effectively prevent bond default risk under the background of deleveraging. |
