The real estate industry, as a pillar industry in China's economic development, has seen a number of enterprises default on their bonds with the tightening of regulation and the impact of the new crown epidemic in recent years. This paper analyzes the reasons for the default of bonds of Yango Group Co., Ltd. from both internal and external aspects, and finds that Yango Group Co., Ltd.has problems such as reduced market demand and restricted financing under regulatory requirements externally, and problems such as weakened profitability, excessive debt and unreasonable debt structure, tight cash flow and insufficient debt servicing capacity internally. This article provides certain ideas for analysing the causes of bond defaults in the real estate industry in the context of a tightening industry environment, and proposes countermeasures against bond defaults from various aspects.