Bankruptcy risk is one of the major challenges to the stability and sustainable development of real estate businesses, especially in a market heavily impacted by macroeconomic fluctuations and credit policies. This study analyzes the factors affecting bankruptcy risk of listed real estate companies in Vietnam, combining theoretical arguments on corporate finance with empirical evidence from quantitative data. The research results show that the bankruptcy risk of real estate businesses is simultaneously affected by internal financial factors and market and macroeconomic factors. Financial leverage is the strongest factor increasing bankruptcy risk, while liquidity, operational efficiency, profitability, and business size play a role in reducing bankruptcy risk. In addition, market interest rates and the growth rate of the real estate market also significantly influence the bankruptcy risk of businesses. The study's findings contribute to clarifying the mechanisms of bankruptcy risk formation in the real estate industry, while also providing a scientific basis for developing risk management solutions and policies to enhance the financial stability of listed real estate businesses in the context of a developing economy