| With the development of China’s economy,under the background of the policy of "overcapacity reduction,destocking,deleveraging,cost reduction and strengthening of weak spots" and the tightening financial environment,China’s economic growth has slowed down since 2018,and the number and amount of defaulted bonds have shown an increasing trend,especially for private enterprises.From 2018 to 2020,the amount of bond defaults in China exceeded 100 billion yuan,with frequent defaults,which have not been effectively alleviated.The real estate industry,has a wide range of defaults,which has a great impact on upstream and downstream industries and the financial market.This paper takes the bond default of real estate enterprises as the main line,first introduces the current situation of bond default of real estate enterprises in China and the disposal situation after default,then selects Tahoe Group,a private listed real estate enterprise,as a case,to sort out Tahoe Group’s development,financing,operation,and review the whole process and consequences of bond default.Using literature research method,and comparative analysis method,starting from external factors,the macro-economic environment,industry factors and supervision institutions of Tahoe Group are analyzed to explore the external causes of corporate bond default.Then from the perspective of the enterprise itself,the strategic choice,operating status,business situation,asset quality,capital structure and internal management of Tahoe Group are analyzed,and combined with the financial data of Tahoe Group from 2015 to the end of 2020 for comparative analysis.It is concluded that the external reasons for the bond default of real estate enterprises are mainly manifested in the macroeconomic downturn,tightening of financing channels and the impact of COVID-19,intensified competition in the industry,and lax supervision of intermediary institutions.The internal factors are mainly manifested in the radical expansion of the company,low operating efficiency,poor profitability,great pressure to reduce,poor asset liquidity,significant restricted ratio,unreasonable capital structure,high financing cost,shortage of cash flow,high debt repayment risk and chaotic management of the company.In view of the current operating status of Tahoe Group,countermeasures after bond default are sorted out and the implementation effects of different disposal measures for bond default are explored through data comparison.Tahoe group after the debt default by a debt rollover,lower interest rates,the disposal of assets,adjust the level,improve the marketing management system,including power business back to normal,through debt rollover delay payment time,the disposal of assets,increase cash flow,is conducive to Tahoe group concentrate on the project to return to work and production,adjust the levels to improve work efficiency,Meanwhile,profitability has improved and the company’s share price has recovered.Through case analysis,we hope to put forward some disposal ideas and schemes from the perspective of the disposal subject in view of the problems to be solved in the follow-up,so as to solve the dilemma faced by the enterprises in default of bonds,further dissolve the risk of bond default and restore the normal operation of the enterprises.After bond default,enterprises can improve their operating conditions by debt restructuring,introducing strategic investors to optimize equity structure,strengthening asset management,enhancing capital liquidity,optimizing capital structure through multi-channel financing,controlling costs and expenses,focusing on main business and improving core competitiveness.To other real estate enterprises with similar problems to deal with bond default to provide some reference,at the same time to prevent financial risks... |
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