Research on the Credit Risk of Private Real Estate Enterprise Bonds under the Background of Real Estate Regulation

Adhering to the positioning of “no speculation in real estate and housing”, China has successively promulgated “345” new regulations, loan concentration management and other real estate industry regulatory policies, further tightened the industry’s financing environment, gradually exposed the credit risks of real estate enterprises under high leverage operation, and bond default events have occurred frequently since 2018. In this context, the article divides the period from 2018 to 2021 into three concentrated default stages in combination with the real estate regulatory policy, explores the factors that cause the bond default of real estate enterprises, and explains the credit risk changes of private enterprises by quantitative analysis. The results show that the credit risk of the real estate industry is deteriorating, and the default risk of private enterprises is greater than that of state-owned enterprises. Finally, some referential suggestions are put forward for the steady and healthy development of the industry.