id	sid	tid	token	lemma	pos
fbem-29346	1	1	frontiers	frontier	NOUN
fbem-29346	1	2	in	in	ADP
fbem-29346	1	3	business	business	NOUN
fbem-29346	1	4	,	,	PUNCT
fbem-29346	1	5	economics	economic	NOUN
fbem-29346	1	6	and	and	CCONJ
fbem-29346	1	7	management	management	NOUN
fbem-29346	1	8	issn	issn	PROPN
fbem-29346	1	9	:	:	PUNCT
fbem-29346	1	10	2766	2766	NUM
fbem-29346	1	11	-	-	PUNCT
fbem-29346	1	12	824x	824x	NUM
fbem-29346	1	13	|	|	ADJ
fbem-29346	1	14	vol	vol	NOUN
fbem-29346	1	15	.	.	PROPN
fbem-29346	1	16	18	18	NUM
fbem-29346	1	17	,	,	PUNCT
fbem-29346	1	18	no	no	INTJ
fbem-29346	1	19	.	.	NOUN
fbem-29346	1	20	1	1	NUM
fbem-29346	1	21	,	,	PUNCT
fbem-29346	1	22	2025	2025	NUM
fbem-29346	1	23	225	225	NUM
fbem-29346	1	24	analysis	analysis	NOUN
fbem-29346	1	25	of	of	ADP
fbem-29346	1	26	the	the	DET
fbem-29346	1	27	causes	cause	NOUN
fbem-29346	1	28	of	of	ADP
fbem-29346	1	29	baolong	baolong	ADJ
fbem-29346	1	30	real	real	ADJ
fbem-29346	1	31	estate	estate	NOUN
fbem-29346	1	32	bond	bond	NOUN
fbem-29346	1	33	default	default	NOUN
fbem-29346	1	34	junhao	junhao	PROPN
fbem-29346	1	35	lei	lei	PROPN
fbem-29346	1	36	*	*	PROPN
fbem-29346	1	37	school	school	NOUN
fbem-29346	1	38	of	of	ADP
fbem-29346	1	39	business	business	NOUN
fbem-29346	1	40	,	,	PUNCT
fbem-29346	1	41	hunan	hunan	PROPN
fbem-29346	1	42	university	university	PROPN
fbem-29346	1	43	of	of	ADP
fbem-29346	1	44	science	science	NOUN
fbem-29346	1	45	and	and	CCONJ
fbem-29346	1	46	technology	technology	NOUN
fbem-29346	1	47	,	,	PUNCT
fbem-29346	1	48	xiangtan411100	xiangtan411100	PROPN
fbem-29346	1	49	,	,	PUNCT
fbem-29346	1	50	hunan	hunan	PROPN
fbem-29346	1	51	,	,	PUNCT
fbem-29346	1	52	china	china	PROPN
fbem-29346	1	53	*	*	PUNCT
fbem-29346	1	54	corresponding	correspond	VERB
fbem-29346	1	55	author	author	NOUN
fbem-29346	1	56	:	:	PUNCT
fbem-29346	1	57	junhao	junhao	PROPN
fbem-29346	1	58	lei	lei	PROPN
fbem-29346	1	59	(	(	PUNCT
fbem-29346	1	60	email	email	NOUN
fbem-29346	1	61	:	:	PUNCT
fbem-29346	1	62	282233457@qq.com	282233457@qq.com	NUM
fbem-29346	1	63	)	)	PUNCT
fbem-29346	1	64	abstract	abstract	NOUN
fbem-29346	1	65	:	:	PUNCT
fbem-29346	1	66	the	the	DET
fbem-29346	1	67	real	real	ADJ
fbem-29346	1	68	estate	estate	NOUN
fbem-29346	1	69	industry	industry	NOUN
fbem-29346	1	70	,	,	PUNCT
fbem-29346	1	71	as	as	ADP
fbem-29346	1	72	a	a	DET
fbem-29346	1	73	pillar	pillar	NOUN
fbem-29346	1	74	industry	industry	NOUN
fbem-29346	1	75	of	of	ADP
fbem-29346	1	76	china	china	PROPN
fbem-29346	1	77	's	's	PART
fbem-29346	1	78	national	national	ADJ
fbem-29346	1	79	economy	economy	NOUN
fbem-29346	1	80	,	,	PUNCT
fbem-29346	1	81	plays	play	VERB
fbem-29346	1	82	an	an	DET
fbem-29346	1	83	important	important	ADJ
fbem-29346	1	84	role	role	NOUN
fbem-29346	1	85	in	in	ADP
fbem-29346	1	86	the	the	DET
fbem-29346	1	87	development	development	NOUN
fbem-29346	1	88	of	of	ADP
fbem-29346	1	89	the	the	DET
fbem-29346	1	90	economy	economy	NOUN
fbem-29346	1	91	and	and	CCONJ
fbem-29346	1	92	society	society	NOUN
fbem-29346	1	93	.	.	PUNCT
fbem-29346	2	1	however	however	ADV
fbem-29346	2	2	,	,	PUNCT
fbem-29346	2	3	in	in	ADP
fbem-29346	2	4	recent	recent	ADJ
fbem-29346	2	5	years	year	NOUN
fbem-29346	2	6	,	,	PUNCT
fbem-29346	2	7	due	due	ADP
fbem-29346	2	8	to	to	ADP
fbem-29346	2	9	the	the	DET
fbem-29346	2	10	impact	impact	NOUN
fbem-29346	2	11	of	of	ADP
fbem-29346	2	12	the	the	DET
fbem-29346	2	13	epidemic	epidemic	NOUN
fbem-29346	2	14	and	and	CCONJ
fbem-29346	2	15	the	the	DET
fbem-29346	2	16	tightening	tightening	NOUN
fbem-29346	2	17	of	of	ADP
fbem-29346	2	18	industry	industry	NOUN
fbem-29346	2	19	regulation	regulation	NOUN
fbem-29346	2	20	,	,	PUNCT
fbem-29346	2	21	credit	credit	NOUN
fbem-29346	2	22	risks	risk	NOUN
fbem-29346	2	23	in	in	ADP
fbem-29346	2	24	the	the	DET
fbem-29346	2	25	real	real	ADJ
fbem-29346	2	26	estate	estate	NOUN
fbem-29346	2	27	industry	industry	NOUN
fbem-29346	2	28	have	have	AUX
fbem-29346	2	29	begun	begin	VERB
fbem-29346	2	30	to	to	PART
fbem-29346	2	31	accelerate	accelerate	VERB
fbem-29346	2	32	exposure	exposure	NOUN
fbem-29346	2	33	.	.	PUNCT
fbem-29346	3	1	since	since	SCONJ
fbem-29346	3	2	2021	2021	NUM
fbem-29346	3	3	,	,	PUNCT
fbem-29346	3	4	there	there	PRON
fbem-29346	3	5	have	have	AUX
fbem-29346	3	6	been	be	AUX
fbem-29346	3	7	frequent	frequent	ADJ
fbem-29346	3	8	defaults	default	NOUN
fbem-29346	3	9	on	on	ADP
fbem-29346	3	10	real	real	ADJ
fbem-29346	3	11	estate	estate	NOUN
fbem-29346	3	12	company	company	NOUN
fbem-29346	3	13	bonds	bond	NOUN
fbem-29346	3	14	,	,	PUNCT
fbem-29346	3	15	and	and	CCONJ
fbem-29346	3	16	the	the	DET
fbem-29346	3	17	scale	scale	NOUN
fbem-29346	3	18	of	of	ADP
fbem-29346	3	19	defaults	default	NOUN
fbem-29346	3	20	has	have	AUX
fbem-29346	3	21	rapidly	rapidly	ADV
fbem-29346	3	22	climbed	climb	VERB
fbem-29346	3	23	to	to	ADP
fbem-29346	3	24	the	the	DET
fbem-29346	3	25	top	top	NOUN
fbem-29346	3	26	of	of	ADP
fbem-29346	3	27	the	the	DET
fbem-29346	3	28	industry	industry	NOUN
fbem-29346	3	29	.	.	PUNCT
fbem-29346	4	1	therefore	therefore	ADV
fbem-29346	4	2	,	,	PUNCT
fbem-29346	4	3	in	in	ADP
fbem-29346	4	4	-	-	PUNCT
fbem-29346	4	5	depth	depth	NOUN
fbem-29346	4	6	analysis	analysis	NOUN
fbem-29346	4	7	of	of	ADP
fbem-29346	4	8	the	the	DET
fbem-29346	4	9	reasons	reason	NOUN
fbem-29346	4	10	behind	behind	ADP
fbem-29346	4	11	the	the	DET
fbem-29346	4	12	wave	wave	NOUN
fbem-29346	4	13	of	of	ADP
fbem-29346	4	14	defaults	default	NOUN
fbem-29346	4	15	by	by	ADP
fbem-29346	4	16	real	real	ADJ
fbem-29346	4	17	estate	estate	NOUN
fbem-29346	4	18	companies	company	NOUN
fbem-29346	4	19	has	have	AUX
fbem-29346	4	20	become	become	VERB
fbem-29346	4	21	an	an	DET
fbem-29346	4	22	important	important	ADJ
fbem-29346	4	23	issue	issue	NOUN
fbem-29346	4	24	that	that	PRON
fbem-29346	4	25	urgently	urgently	ADV
fbem-29346	4	26	needs	need	VERB
fbem-29346	4	27	to	to	PART
fbem-29346	4	28	be	be	AUX
fbem-29346	4	29	addressed	address	VERB
fbem-29346	4	30	.	.	PUNCT
fbem-29346	5	1	this	this	DET
fbem-29346	5	2	article	article	NOUN
fbem-29346	5	3	takes	take	VERB
fbem-29346	5	4	baolong	baolong	ADJ
fbem-29346	5	5	real	real	ADJ
fbem-29346	5	6	estate	estate	NOUN
fbem-29346	5	7	as	as	ADP
fbem-29346	5	8	the	the	DET
fbem-29346	5	9	research	research	NOUN
fbem-29346	5	10	object	object	NOUN
fbem-29346	5	11	to	to	PART
fbem-29346	5	12	explore	explore	VERB
fbem-29346	5	13	the	the	DET
fbem-29346	5	14	causes	cause	NOUN
fbem-29346	5	15	of	of	ADP
fbem-29346	5	16	its	its	PRON
fbem-29346	5	17	bond	bond	NOUN
fbem-29346	5	18	default	default	NOUN
fbem-29346	5	19	.	.	PUNCT
fbem-29346	6	1	research	research	NOUN
fbem-29346	6	2	has	have	AUX
fbem-29346	6	3	found	find	VERB
fbem-29346	6	4	that	that	SCONJ
fbem-29346	6	5	:	:	PUNCT
fbem-29346	6	6	the	the	DET
fbem-29346	6	7	fundamental	fundamental	ADJ
fbem-29346	6	8	reason	reason	NOUN
fbem-29346	6	9	for	for	ADP
fbem-29346	6	10	the	the	DET
fbem-29346	6	11	default	default	NOUN
fbem-29346	6	12	of	of	ADP
fbem-29346	6	13	baolong	baolong	ADJ
fbem-29346	6	14	real	real	ADJ
fbem-29346	6	15	estate	estate	NOUN
fbem-29346	6	16	bonds	bond	NOUN
fbem-29346	6	17	lies	lie	VERB
fbem-29346	6	18	in	in	ADP
fbem-29346	6	19	the	the	DET
fbem-29346	6	20	company	company	NOUN
fbem-29346	6	21	's	's	PART
fbem-29346	6	22	operational	operational	ADJ
fbem-29346	6	23	strategy	strategy	NOUN
fbem-29346	6	24	mistakes	mistake	NOUN
fbem-29346	6	25	and	and	CCONJ
fbem-29346	6	26	neglect	neglect	NOUN
fbem-29346	6	27	of	of	ADP
fbem-29346	6	28	debt	debt	NOUN
fbem-29346	6	29	management	management	NOUN
fbem-29346	6	30	.	.	PUNCT
fbem-29346	7	1	the	the	DET
fbem-29346	7	2	company	company	NOUN
fbem-29346	7	3	's	's	PART
fbem-29346	7	4	heavy	heavy	ADJ
fbem-29346	7	5	holdings	holding	NOUN
fbem-29346	7	6	in	in	ADP
fbem-29346	7	7	the	the	DET
fbem-29346	7	8	third	third	ADJ
fbem-29346	7	9	and	and	CCONJ
fbem-29346	7	10	fourth	fourth	ADJ
fbem-29346	7	11	tier	tier	NOUN
fbem-29346	7	12	real	real	ADJ
fbem-29346	7	13	estate	estate	NOUN
fbem-29346	7	14	markets	market	NOUN
fbem-29346	7	15	,	,	PUNCT
fbem-29346	7	16	coupled	couple	VERB
fbem-29346	7	17	with	with	ADP
fbem-29346	7	18	an	an	DET
fbem-29346	7	19	increase	increase	NOUN
fbem-29346	7	20	in	in	ADP
fbem-29346	7	21	commercial	commercial	ADJ
fbem-29346	7	22	real	real	ADJ
fbem-29346	7	23	estate	estate	NOUN
fbem-29346	7	24	,	,	PUNCT
fbem-29346	7	25	have	have	AUX
fbem-29346	7	26	weakened	weaken	VERB
fbem-29346	7	27	the	the	DET
fbem-29346	7	28	company	company	NOUN
fbem-29346	7	29	's	's	PART
fbem-29346	7	30	profitability	profitability	NOUN
fbem-29346	7	31	and	and	CCONJ
fbem-29346	7	32	operational	operational	ADJ
fbem-29346	7	33	capabilities	capability	NOUN
fbem-29346	7	34	.	.	PUNCT
fbem-29346	8	1	in	in	ADP
fbem-29346	8	2	addition	addition	NOUN
fbem-29346	8	3	,	,	PUNCT
fbem-29346	8	4	the	the	DET
fbem-29346	8	5	company	company	NOUN
fbem-29346	8	6	's	's	PART
fbem-29346	8	7	asset	asset	NOUN
fbem-29346	8	8	liability	liability	NOUN
fbem-29346	8	9	ratio	ratio	NOUN
fbem-29346	8	10	is	be	AUX
fbem-29346	8	11	too	too	ADV
fbem-29346	8	12	high	high	ADJ
fbem-29346	8	13	and	and	CCONJ
fbem-29346	8	14	there	there	PRON
fbem-29346	8	15	is	be	VERB
fbem-29346	8	16	a	a	DET
fbem-29346	8	17	problem	problem	NOUN
fbem-29346	8	18	of	of	ADP
fbem-29346	8	19	mismatched	mismatched	ADJ
fbem-29346	8	20	debt	debt	NOUN
fbem-29346	8	21	maturity	maturity	NOUN
fbem-29346	8	22	.	.	PUNCT
fbem-29346	9	1	after	after	ADP
fbem-29346	9	2	entering	enter	VERB
fbem-29346	9	3	the	the	DET
fbem-29346	9	4	centralized	centralized	ADJ
fbem-29346	9	5	redemption	redemption	NOUN
fbem-29346	9	6	period	period	NOUN
fbem-29346	9	7	,	,	PUNCT
fbem-29346	9	8	under	under	ADP
fbem-29346	9	9	the	the	DET
fbem-29346	9	10	dual	dual	ADJ
fbem-29346	9	11	pressure	pressure	NOUN
fbem-29346	9	12	of	of	ADP
fbem-29346	9	13	tightened	tighten	VERB
fbem-29346	9	14	external	external	ADJ
fbem-29346	9	15	financing	financing	NOUN
fbem-29346	9	16	environment	environment	NOUN
fbem-29346	9	17	and	and	CCONJ
fbem-29346	9	18	hindered	hinder	VERB
fbem-29346	9	19	internal	internal	ADJ
fbem-29346	9	20	sales	sale	NOUN
fbem-29346	9	21	collection	collection	NOUN
fbem-29346	9	22	,	,	PUNCT
fbem-29346	9	23	bond	bond	NOUN
fbem-29346	9	24	defaults	default	NOUN
fbem-29346	9	25	ultimately	ultimately	ADV
fbem-29346	9	26	occurred	occur	VERB
fbem-29346	9	27	.	.	PUNCT
fbem-29346	10	1	keywords	keyword	NOUN
fbem-29346	10	2	:	:	PUNCT
fbem-29346	10	3	real	real	ADJ
fbem-29346	10	4	estate	estate	NOUN
fbem-29346	10	5	enterprises	enterprise	NOUN
fbem-29346	10	6	,	,	PUNCT
fbem-29346	10	7	bond	bond	NOUN
fbem-29346	10	8	default	default	NOUN
fbem-29346	10	9	,	,	PUNCT
fbem-29346	10	10	reasons	reason	NOUN
fbem-29346	10	11	for	for	ADP
fbem-29346	10	12	breach	breach	NOUN
fbem-29346	10	13	of	of	ADP
fbem-29346	10	14	contract	contract	NOUN
fbem-29346	10	15	,	,	PUNCT
fbem-29346	10	16	risk	risk	NOUN
fbem-29346	10	17	analysis	analysis	NOUN
fbem-29346	10	18	.	.	PUNCT
fbem-29346	11	1	1	1	X
fbem-29346	11	2	.	.	X
fbem-29346	11	3	introduction	introduction	NOUN
fbem-29346	11	4	since	since	SCONJ
fbem-29346	11	5	the	the	DET
fbem-29346	11	6	second	second	ADJ
fbem-29346	11	7	half	half	NOUN
fbem-29346	11	8	of	of	ADP
fbem-29346	11	9	2021	2021	NUM
fbem-29346	11	10	,	,	PUNCT
fbem-29346	11	11	the	the	DET
fbem-29346	11	12	external	external	ADJ
fbem-29346	11	13	financing	financing	NOUN
fbem-29346	11	14	environment	environment	NOUN
fbem-29346	11	15	of	of	ADP
fbem-29346	11	16	real	real	ADJ
fbem-29346	11	17	estate	estate	NOUN
fbem-29346	11	18	enterprises	enterprise	NOUN
fbem-29346	11	19	has	have	AUX
fbem-29346	11	20	become	become	VERB
fbem-29346	11	21	increasingly	increasingly	ADV
fbem-29346	11	22	severe	severe	ADJ
fbem-29346	11	23	,	,	PUNCT
fbem-29346	11	24	and	and	CCONJ
fbem-29346	11	25	the	the	DET
fbem-29346	11	26	liquidity	liquidity	NOUN
fbem-29346	11	27	crisis	crisis	NOUN
fbem-29346	11	28	of	of	ADP
fbem-29346	11	29	housing	housing	NOUN
fbem-29346	11	30	enterprises	enterprise	NOUN
fbem-29346	11	31	has	have	AUX
fbem-29346	11	32	occurred	occur	VERB
fbem-29346	11	33	frequently	frequently	ADV
fbem-29346	11	34	,	,	PUNCT
fbem-29346	11	35	which	which	PRON
fbem-29346	11	36	ultimately	ultimately	ADV
fbem-29346	11	37	leads	lead	VERB
fbem-29346	11	38	to	to	ADP
fbem-29346	11	39	the	the	DET
fbem-29346	11	40	concentrated	concentrated	ADJ
fbem-29346	11	41	outbreak	outbreak	NOUN
fbem-29346	11	42	of	of	ADP
fbem-29346	11	43	credit	credit	NOUN
fbem-29346	11	44	risks	risk	NOUN
fbem-29346	11	45	.	.	PUNCT
fbem-29346	12	1	at	at	ADP
fbem-29346	12	2	present	present	ADJ
fbem-29346	12	3	,	,	PUNCT
fbem-29346	12	4	the	the	DET
fbem-29346	12	5	default	default	NOUN
fbem-29346	12	6	risk	risk	NOUN
fbem-29346	12	7	of	of	ADP
fbem-29346	12	8	the	the	DET
fbem-29346	12	9	real	real	ADJ
fbem-29346	12	10	estate	estate	NOUN
fbem-29346	12	11	market	market	NOUN
fbem-29346	12	12	is	be	AUX
fbem-29346	12	13	still	still	ADV
fbem-29346	12	14	being	be	AUX
fbem-29346	12	15	released	release	VERB
fbem-29346	12	16	,	,	PUNCT
fbem-29346	12	17	and	and	CCONJ
fbem-29346	12	18	the	the	DET
fbem-29346	12	19	default	default	NOUN
fbem-29346	12	20	scale	scale	NOUN
fbem-29346	12	21	has	have	AUX
fbem-29346	12	22	surpassed	surpass	VERB
fbem-29346	12	23	that	that	PRON
fbem-29346	12	24	of	of	ADP
fbem-29346	12	25	the	the	DET
fbem-29346	12	26	manufacturing	manufacturing	NOUN
fbem-29346	12	27	industry	industry	NOUN
fbem-29346	12	28	and	and	CCONJ
fbem-29346	12	29	ranks	rank	VERB
fbem-29346	12	30	first	first	ADV
fbem-29346	12	31	in	in	ADP
fbem-29346	12	32	the	the	DET
fbem-29346	12	33	industry	industry	NOUN
fbem-29346	12	34	.	.	PUNCT
fbem-29346	13	1	therefore	therefore	ADV
fbem-29346	13	2	,	,	PUNCT
fbem-29346	13	3	preventing	prevent	VERB
fbem-29346	13	4	and	and	CCONJ
fbem-29346	13	5	resolving	resolve	VERB
fbem-29346	13	6	the	the	DET
fbem-29346	13	7	default	default	NOUN
fbem-29346	13	8	risk	risk	NOUN
fbem-29346	13	9	of	of	ADP
fbem-29346	13	10	real	real	ADJ
fbem-29346	13	11	estate	estate	NOUN
fbem-29346	13	12	bonds	bond	NOUN
fbem-29346	13	13	is	be	AUX
fbem-29346	13	14	of	of	ADP
fbem-29346	13	15	great	great	ADJ
fbem-29346	13	16	significance	significance	NOUN
fbem-29346	13	17	to	to	ADP
fbem-29346	13	18	the	the	DET
fbem-29346	13	19	stability	stability	NOUN
fbem-29346	13	20	of	of	ADP
fbem-29346	13	21	the	the	DET
fbem-29346	13	22	bond	bond	NOUN
fbem-29346	13	23	market	market	NOUN
fbem-29346	13	24	and	and	CCONJ
fbem-29346	13	25	the	the	DET
fbem-29346	13	26	healthy	healthy	ADJ
fbem-29346	13	27	development	development	NOUN
fbem-29346	13	28	of	of	ADP
fbem-29346	13	29	the	the	DET
fbem-29346	13	30	real	real	ADJ
fbem-29346	13	31	estate	estate	NOUN
fbem-29346	13	32	industry	industry	NOUN
fbem-29346	13	33	.	.	PUNCT
fbem-29346	14	1	in	in	ADP
fbem-29346	14	2	the	the	DET
fbem-29346	14	3	context	context	NOUN
fbem-29346	14	4	of	of	ADP
fbem-29346	14	5	the	the	DET
fbem-29346	14	6	normalization	normalization	NOUN
fbem-29346	14	7	of	of	ADP
fbem-29346	14	8	the	the	DET
fbem-29346	14	9	bond	bond	NOUN
fbem-29346	14	10	extension	extension	NOUN
fbem-29346	14	11	of	of	ADP
fbem-29346	14	12	housing	housing	NOUN
fbem-29346	14	13	enterprises	enterprise	NOUN
fbem-29346	14	14	,	,	PUNCT
fbem-29346	14	15	although	although	SCONJ
fbem-29346	14	16	the	the	DET
fbem-29346	14	17	extension	extension	NOUN
fbem-29346	14	18	does	do	AUX
fbem-29346	14	19	not	not	PART
fbem-29346	14	20	constitute	constitute	VERB
fbem-29346	14	21	a	a	DET
fbem-29346	14	22	substantial	substantial	ADJ
fbem-29346	14	23	default	default	NOUN
fbem-29346	14	24	,	,	PUNCT
fbem-29346	14	25	it	it	PRON
fbem-29346	14	26	is	be	AUX
fbem-29346	14	27	an	an	DET
fbem-29346	14	28	important	important	ADJ
fbem-29346	14	29	form	form	NOUN
fbem-29346	14	30	of	of	ADP
fbem-29346	14	31	credit	credit	NOUN
fbem-29346	14	32	risk	risk	NOUN
fbem-29346	14	33	exposure	exposure	NOUN
fbem-29346	14	34	of	of	ADP
fbem-29346	14	35	housing	housing	NOUN
fbem-29346	14	36	enterprises	enterprise	NOUN
fbem-29346	14	37	.	.	PUNCT
fbem-29346	15	1	for	for	ADP
fbem-29346	15	2	such	such	ADJ
fbem-29346	15	3	extended	extended	ADJ
fbem-29346	15	4	housing	housing	NOUN
fbem-29346	15	5	enterprises	enterprise	NOUN
fbem-29346	15	6	,	,	PUNCT
fbem-29346	15	7	we	we	PRON
fbem-29346	15	8	must	must	AUX
fbem-29346	15	9	pay	pay	VERB
fbem-29346	15	10	high	high	ADJ
fbem-29346	15	11	attention	attention	NOUN
fbem-29346	15	12	to	to	ADP
fbem-29346	15	13	risk	risk	VERB
fbem-29346	15	14	to	to	PART
fbem-29346	15	15	prevent	prevent	VERB
fbem-29346	15	16	potential	potential	ADJ
fbem-29346	15	17	risk	risk	NOUN
fbem-29346	15	18	spread	spread	NOUN
fbem-29346	15	19	and	and	CCONJ
fbem-29346	15	20	expansion	expansion	NOUN
fbem-29346	15	21	.	.	PUNCT
fbem-29346	16	1	this	this	DET
fbem-29346	16	2	paper	paper	NOUN
fbem-29346	16	3	chooses	choose	VERB
fbem-29346	16	4	baolong	baolong	ADP
fbem-29346	16	5	real	real	ADJ
fbem-29346	16	6	estate	estate	NOUN
fbem-29346	16	7	as	as	SCONJ
fbem-29346	16	8	the	the	DET
fbem-29346	16	9	case	case	NOUN
fbem-29346	16	10	study	study	NOUN
fbem-29346	16	11	object	object	NOUN
fbem-29346	16	12	,	,	PUNCT
fbem-29346	16	13	aiming	aim	VERB
fbem-29346	16	14	to	to	PART
fbem-29346	16	15	deeply	deeply	ADV
fbem-29346	16	16	analyze	analyze	VERB
fbem-29346	16	17	the	the	DET
fbem-29346	16	18	causes	cause	NOUN
fbem-29346	16	19	of	of	ADP
fbem-29346	16	20	its	its	PRON
fbem-29346	16	21	bond	bond	NOUN
fbem-29346	16	22	default	default	NOUN
fbem-29346	16	23	,	,	PUNCT
fbem-29346	16	24	hoping	hope	VERB
fbem-29346	16	25	to	to	PART
fbem-29346	16	26	provide	provide	VERB
fbem-29346	16	27	some	some	DET
fbem-29346	16	28	reference	reference	NOUN
fbem-29346	16	29	and	and	CCONJ
fbem-29346	16	30	inspiration	inspiration	NOUN
fbem-29346	16	31	for	for	ADP
fbem-29346	16	32	other	other	ADJ
fbem-29346	16	33	real	real	ADJ
fbem-29346	16	34	estate	estate	NOUN
fbem-29346	16	35	enterprises	enterprise	NOUN
fbem-29346	16	36	to	to	PART
fbem-29346	16	37	prevent	prevent	VERB
fbem-29346	16	38	and	and	CCONJ
fbem-29346	16	39	resolve	resolve	VERB
fbem-29346	16	40	the	the	DET
fbem-29346	16	41	bond	bond	NOUN
fbem-29346	16	42	default	default	NOUN
fbem-29346	16	43	risk	risk	NOUN
fbem-29346	16	44	.	.	PUNCT
fbem-29346	17	1	2	2	X
fbem-29346	17	2	.	.	NUM
fbem-29346	17	3	reasons	reason	NOUN
fbem-29346	17	4	for	for	ADP
fbem-29346	17	5	bond	bond	NOUN
fbem-29346	17	6	default	default	NOUN
fbem-29346	17	7	2.1	2.1	NUM
fbem-29346	17	8	.	.	PUNCT
fbem-29346	18	1	heavy	heavy	ADJ
fbem-29346	18	2	warehouses	warehouse	NOUN
fbem-29346	18	3	in	in	ADP
fbem-29346	18	4	third	third	ADJ
fbem-29346	18	5	and	and	CCONJ
fbem-29346	18	6	fourth	fourth	ADJ
fbem-29346	18	7	tier	tier	NOUN
fbem-29346	18	8	cities	city	NOUN
fbem-29346	18	9	with	with	ADP
fbem-29346	18	10	weak	weak	ADJ
fbem-29346	18	11	sales	sale	NOUN
fbem-29346	18	12	growth	growth	NOUN
fbem-29346	18	13	after	after	ADP
fbem-29346	18	14	the	the	DET
fbem-29346	18	15	2008	2008	NUM
fbem-29346	18	16	financial	financial	ADJ
fbem-29346	18	17	crisis	crisis	NOUN
fbem-29346	18	18	,	,	PUNCT
fbem-29346	18	19	competitors	competitor	NOUN
fbem-29346	18	20	such	such	ADJ
fbem-29346	18	21	as	as	ADP
fbem-29346	18	22	vanke	vanke	NOUN
fbem-29346	18	23	and	and	CCONJ
fbem-29346	18	24	country	country	NOUN
fbem-29346	18	25	garden	garden	NOUN
fbem-29346	18	26	took	take	VERB
fbem-29346	18	27	advantage	advantage	NOUN
fbem-29346	18	28	of	of	ADP
fbem-29346	18	29	the	the	DET
fbem-29346	18	30	situation	situation	NOUN
fbem-29346	18	31	to	to	PART
fbem-29346	18	32	move	move	VERB
fbem-29346	18	33	north	north	ADV
fbem-29346	18	34	and	and	CCONJ
fbem-29346	18	35	continuously	continuously	ADV
fbem-29346	18	36	acquire	acquire	VERB
fbem-29346	18	37	land	land	NOUN
fbem-29346	18	38	in	in	ADP
fbem-29346	18	39	first	first	ADJ
fbem-29346	18	40	and	and	CCONJ
fbem-29346	18	41	second	second	ADJ
fbem-29346	18	42	tier	tier	NOUN
fbem-29346	18	43	cities	city	NOUN
fbem-29346	18	44	,	,	PUNCT
fbem-29346	18	45	pursuing	pursue	VERB
fbem-29346	18	46	high	high	ADJ
fbem-29346	18	47	turnover	turnover	NOUN
fbem-29346	18	48	and	and	CCONJ
fbem-29346	18	49	high	high	ADJ
fbem-29346	18	50	profits	profit	NOUN
fbem-29346	18	51	.	.	PUNCT
fbem-29346	19	1	however	however	ADV
fbem-29346	19	2	,	,	PUNCT
fbem-29346	19	3	baolong	baolong	ADJ
fbem-29346	19	4	real	real	ADJ
fbem-29346	19	5	estate	estate	NOUN
fbem-29346	19	6	began	begin	VERB
fbem-29346	19	7	to	to	PART
fbem-29346	19	8	gradually	gradually	ADV
fbem-29346	19	9	shift	shift	VERB
fbem-29346	19	10	its	its	PRON
fbem-29346	19	11	focus	focus	NOUN
fbem-29346	19	12	from	from	ADP
fbem-29346	19	13	first	first	ADJ
fbem-29346	19	14	and	and	CCONJ
fbem-29346	19	15	second	second	ADJ
fbem-29346	19	16	tier	tier	NOUN
fbem-29346	19	17	cities	city	NOUN
fbem-29346	19	18	to	to	ADP
fbem-29346	19	19	third	third	ADJ
fbem-29346	19	20	and	and	CCONJ
fbem-29346	19	21	fourth	fourth	ADJ
fbem-29346	19	22	tier	tier	NOUN
fbem-29346	19	23	cities	city	NOUN
fbem-29346	19	24	,	,	PUNCT
fbem-29346	19	25	avoiding	avoid	VERB
fbem-29346	19	26	the	the	DET
fbem-29346	19	27	sharpness	sharpness	NOUN
fbem-29346	19	28	of	of	ADP
fbem-29346	19	29	competitors	competitor	NOUN
fbem-29346	19	30	.	.	PUNCT
fbem-29346	20	1	from	from	ADP
fbem-29346	20	2	the	the	DET
fbem-29346	20	3	perspective	perspective	NOUN
fbem-29346	20	4	of	of	ADP
fbem-29346	20	5	land	land	NOUN
fbem-29346	20	6	reserves	reserve	NOUN
fbem-29346	20	7	,	,	PUNCT
fbem-29346	20	8	baolong	baolong	ADJ
fbem-29346	20	9	real	real	ADJ
fbem-29346	20	10	estate	estate	NOUN
fbem-29346	20	11	began	begin	VERB
fbem-29346	20	12	its	its	PRON
fbem-29346	20	13	large	large	ADJ
fbem-29346	20	14	-	-	PUNCT
fbem-29346	20	15	scale	scale	NOUN
fbem-29346	20	16	layout	layout	NOUN
fbem-29346	20	17	in	in	ADP
fbem-29346	20	18	third	third	ADJ
fbem-29346	20	19	and	and	CCONJ
fbem-29346	20	20	fourth	fourth	ADJ
fbem-29346	20	21	tier	tier	NOUN
fbem-29346	20	22	cities	city	NOUN
fbem-29346	20	23	in	in	ADP
fbem-29346	20	24	2013	2013	NUM
fbem-29346	20	25	and	and	CCONJ
fbem-29346	20	26	further	far	ADV
fbem-29346	20	27	increased	increase	VERB
fbem-29346	20	28	its	its	PRON
fbem-29346	20	29	holdings	holding	NOUN
fbem-29346	20	30	between	between	ADP
fbem-29346	20	31	2017	2017	NUM
fbem-29346	20	32	and	and	CCONJ
fbem-29346	20	33	2018	2018	NUM
fbem-29346	20	34	.	.	PUNCT
fbem-29346	21	1	after	after	ADP
fbem-29346	21	2	the	the	DET
fbem-29346	21	3	financial	financial	ADJ
fbem-29346	21	4	crisis	crisis	NOUN
fbem-29346	21	5	,	,	PUNCT
fbem-29346	21	6	the	the	DET
fbem-29346	21	7	overall	overall	ADJ
fbem-29346	21	8	scale	scale	NOUN
fbem-29346	21	9	of	of	ADP
fbem-29346	21	10	new	new	ADJ
fbem-29346	21	11	land	land	NOUN
fbem-29346	21	12	acquisition	acquisition	NOUN
fbem-29346	21	13	by	by	ADP
fbem-29346	21	14	baolong	baolong	ADJ
fbem-29346	21	15	real	real	ADJ
fbem-29346	21	16	estate	estate	NOUN
fbem-29346	21	17	was	be	AUX
fbem-29346	21	18	relatively	relatively	ADV
fbem-29346	21	19	conservative	conservative	ADJ
fbem-29346	21	20	,	,	PUNCT
fbem-29346	21	21	but	but	CCONJ
fbem-29346	21	22	in	in	ADP
fbem-29346	21	23	the	the	DET
fbem-29346	21	24	years	year	NOUN
fbem-29346	21	25	after	after	ADP
fbem-29346	21	26	2013	2013	NUM
fbem-29346	21	27	and	and	CCONJ
fbem-29346	21	28	2017	2017	NUM
fbem-29346	21	29	,	,	PUNCT
fbem-29346	21	30	land	land	NOUN
fbem-29346	21	31	acquisition	acquisition	NOUN
fbem-29346	21	32	was	be	AUX
fbem-29346	21	33	more	more	ADV
fbem-29346	21	34	aggressive	aggressive	ADJ
fbem-29346	21	35	.	.	PUNCT
fbem-29346	22	1	in	in	ADP
fbem-29346	22	2	2013	2013	NUM
fbem-29346	22	3	,	,	PUNCT
fbem-29346	22	4	baolong	baolong	ADJ
fbem-29346	22	5	real	real	ADJ
fbem-29346	22	6	estate	estate	NOUN
fbem-29346	22	7	added	add	VERB
fbem-29346	22	8	20.98	20.98	NUM
fbem-29346	22	9	million	million	NUM
fbem-29346	22	10	square	square	ADJ
fbem-29346	22	11	meters	meter	NOUN
fbem-29346	22	12	of	of	ADP
fbem-29346	22	13	land	land	NOUN
fbem-29346	22	14	reserves	reserve	NOUN
fbem-29346	22	15	,	,	PUNCT
fbem-29346	22	16	accounting	account	VERB
fbem-29346	22	17	for	for	ADP
fbem-29346	22	18	76	76	NUM
fbem-29346	22	19	%	%	NOUN
fbem-29346	22	20	of	of	ADP
fbem-29346	22	21	the	the	DET
fbem-29346	22	22	total	total	ADJ
fbem-29346	22	23	land	land	NOUN
fbem-29346	22	24	reserves	reserve	NOUN
fbem-29346	22	25	in	in	ADP
fbem-29346	22	26	2012	2012	NUM
fbem-29346	22	27	.	.	PUNCT
fbem-29346	23	1	in	in	ADP
fbem-29346	23	2	terms	term	NOUN
fbem-29346	23	3	of	of	ADP
fbem-29346	23	4	urban	urban	ADJ
fbem-29346	23	5	layout	layout	PROPN
fbem-29346	23	6	,	,	PUNCT
fbem-29346	23	7	land	land	NOUN
fbem-29346	23	8	reserves	reserve	NOUN
fbem-29346	23	9	involve	involve	VERB
fbem-29346	23	10	20	20	NUM
fbem-29346	23	11	domestic	domestic	ADJ
fbem-29346	23	12	cities	city	NOUN
fbem-29346	23	13	and	and	CCONJ
fbem-29346	23	14	1	1	NUM
fbem-29346	23	15	overseas	overseas	ADJ
fbem-29346	23	16	city	city	NOUN
fbem-29346	23	17	,	,	PUNCT
fbem-29346	23	18	including	include	VERB
fbem-29346	23	19	10	10	NUM
fbem-29346	23	20	newly	newly	ADV
fbem-29346	23	21	entered	enter	VERB
fbem-29346	23	22	cities	city	NOUN
fbem-29346	23	23	,	,	PUNCT
fbem-29346	23	24	of	of	ADP
fbem-29346	23	25	which	which	PRON
fbem-29346	23	26	9	9	NUM
fbem-29346	23	27	domestic	domestic	ADJ
fbem-29346	23	28	cities	city	NOUN
fbem-29346	23	29	are	be	AUX
fbem-29346	23	30	all	all	ADV
fbem-29346	23	31	second	second	ADJ
fbem-29346	23	32	and	and	CCONJ
fbem-29346	23	33	third	third	ADJ
fbem-29346	23	34	tier	tier	NOUN
fbem-29346	23	35	cities	city	NOUN
fbem-29346	23	36	,	,	PUNCT
fbem-29346	23	37	reflecting	reflect	VERB
fbem-29346	23	38	baolong	baolong	ADJ
fbem-29346	23	39	real	real	ADJ
fbem-29346	23	40	estate	estate	NOUN
fbem-29346	23	41	's	's	PART
fbem-29346	23	42	strategic	strategic	ADJ
fbem-29346	23	43	layout	layout	NOUN
fbem-29346	23	44	of	of	ADP
fbem-29346	23	45	sinking	sink	VERB
fbem-29346	23	46	into	into	ADP
fbem-29346	23	47	second	second	ADJ
fbem-29346	23	48	and	and	CCONJ
fbem-29346	23	49	third	third	ADJ
fbem-29346	23	50	tier	tier	NOUN
fbem-29346	23	51	cities	city	NOUN
fbem-29346	23	52	.	.	PUNCT
fbem-29346	24	1	in	in	ADP
fbem-29346	24	2	the	the	DET
fbem-29346	24	3	following	follow	VERB
fbem-29346	24	4	three	three	NUM
fbem-29346	24	5	years	year	NOUN
fbem-29346	24	6	,	,	PUNCT
fbem-29346	24	7	baolong	baolong	ADJ
fbem-29346	24	8	real	real	ADJ
fbem-29346	24	9	estate	estate	NOUN
fbem-29346	24	10	's	's	PART
fbem-29346	24	11	land	land	NOUN
fbem-29346	24	12	acquisition	acquisition	NOUN
fbem-29346	24	13	policy	policy	NOUN
fbem-29346	24	14	was	be	AUX
fbem-29346	24	15	relatively	relatively	ADV
fbem-29346	24	16	conservative	conservative	ADJ
fbem-29346	24	17	.	.	PUNCT
fbem-29346	25	1	in	in	ADP
fbem-29346	25	2	the	the	DET
fbem-29346	25	3	two	two	NUM
fbem-29346	25	4	years	year	NOUN
fbem-29346	25	5	from	from	ADP
fbem-29346	25	6	2015	2015	NUM
fbem-29346	25	7	to	to	ADP
fbem-29346	25	8	2016	2016	NUM
fbem-29346	25	9	,	,	PUNCT
fbem-29346	25	10	we	we	PRON
fbem-29346	25	11	successively	successively	ADV
fbem-29346	25	12	entered	enter	VERB
fbem-29346	25	13	seven	seven	NUM
fbem-29346	25	14	second	second	ADJ
fbem-29346	25	15	and	and	CCONJ
fbem-29346	25	16	third	third	ADJ
fbem-29346	25	17	tier	tier	NOUN
fbem-29346	25	18	cities	city	NOUN
fbem-29346	25	19	,	,	PUNCT
fbem-29346	25	20	but	but	CCONJ
fbem-29346	25	21	the	the	DET
fbem-29346	25	22	scale	scale	NOUN
fbem-29346	25	23	of	of	ADP
fbem-29346	25	24	land	land	NOUN
fbem-29346	25	25	acquisition	acquisition	NOUN
fbem-29346	25	26	was	be	AUX
fbem-29346	25	27	relatively	relatively	ADV
fbem-29346	25	28	small	small	ADJ
fbem-29346	25	29	.	.	PUNCT
fbem-29346	26	1	the	the	DET
fbem-29346	26	2	scale	scale	NOUN
fbem-29346	26	3	of	of	ADP
fbem-29346	26	4	land	land	NOUN
fbem-29346	26	5	acquisition	acquisition	NOUN
fbem-29346	26	6	in	in	ADP
fbem-29346	26	7	the	the	DET
fbem-29346	26	8	first	first	ADJ
fbem-29346	26	9	and	and	CCONJ
fbem-29346	26	10	second	second	ADJ
fbem-29346	26	11	tier	tier	NOUN
fbem-29346	26	12	hotspots	hotspot	NOUN
fbem-29346	26	13	is	be	AUX
fbem-29346	26	14	also	also	ADV
fbem-29346	26	15	relatively	relatively	ADV
fbem-29346	26	16	small	small	ADJ
fbem-29346	26	17	.	.	PUNCT
fbem-29346	27	1	in	in	ADP
fbem-29346	27	2	2017	2017	NUM
fbem-29346	27	3	-	-	SYM
fbem-29346	27	4	2018	2018	NUM
fbem-29346	27	5	,	,	PUNCT
fbem-29346	27	6	baolong	baolong	ADJ
fbem-29346	27	7	real	real	ADJ
fbem-29346	27	8	estate	estate	NOUN
fbem-29346	27	9	launched	launch	VERB
fbem-29346	27	10	a	a	DET
fbem-29346	27	11	new	new	ADJ
fbem-29346	27	12	round	round	NOUN
fbem-29346	27	13	of	of	ADP
fbem-29346	27	14	aggressive	aggressive	ADJ
fbem-29346	27	15	land	land	NOUN
fbem-29346	27	16	acquisition	acquisition	NOUN
fbem-29346	27	17	,	,	PUNCT
fbem-29346	27	18	mainly	mainly	ADV
fbem-29346	27	19	concentrated	concentrate	VERB
fbem-29346	27	20	in	in	ADP
fbem-29346	27	21	third	third	ADJ
fbem-29346	27	22	and	and	CCONJ
fbem-29346	27	23	fourth	fourth	ADJ
fbem-29346	27	24	tier	tier	NOUN
fbem-29346	27	25	cities	city	NOUN
fbem-29346	27	26	.	.	PUNCT
fbem-29346	28	1	in	in	ADP
fbem-29346	28	2	2017	2017	NUM
fbem-29346	28	3	,	,	PUNCT
fbem-29346	28	4	baolong	baolong	ADP
fbem-29346	28	5	added	add	VERB
fbem-29346	28	6	18.11	18.11	NUM
fbem-29346	28	7	million	million	NUM
fbem-29346	28	8	square	square	ADJ
fbem-29346	28	9	meters	meter	NOUN
fbem-29346	28	10	of	of	ADP
fbem-29346	28	11	land	land	NOUN
fbem-29346	28	12	reserves	reserve	NOUN
fbem-29346	28	13	,	,	PUNCT
fbem-29346	28	14	mainly	mainly	ADV
fbem-29346	28	15	distributed	distribute	VERB
fbem-29346	28	16	in	in	ADP
fbem-29346	28	17	second	second	ADJ
fbem-29346	28	18	and	and	CCONJ
fbem-29346	28	19	third	third	ADJ
fbem-29346	28	20	tier	tier	NOUN
fbem-29346	28	21	cities	city	NOUN
fbem-29346	28	22	,	,	PUNCT
fbem-29346	28	23	accounting	account	VERB
fbem-29346	28	24	for	for	ADP
fbem-29346	28	25	84	84	NUM
fbem-29346	28	26	%	%	NOUN
fbem-29346	28	27	of	of	ADP
fbem-29346	28	28	the	the	DET
fbem-29346	28	29	total	total	ADJ
fbem-29346	28	30	construction	construction	NOUN
fbem-29346	28	31	area	area	NOUN
fbem-29346	28	32	of	of	ADP
fbem-29346	28	33	the	the	DET
fbem-29346	28	34	newly	newly	ADV
fbem-29346	28	35	added	add	VERB
fbem-29346	28	36	land	land	NOUN
fbem-29346	28	37	reserves	reserve	NOUN
fbem-29346	28	38	.	.	PUNCT
fbem-29346	29	1	based	base	VERB
fbem-29346	29	2	on	on	ADP
fbem-29346	29	3	the	the	DET
fbem-29346	29	4	previous	previous	ADJ
fbem-29346	29	5	round	round	NOUN
fbem-29346	29	6	of	of	ADP
fbem-29346	29	7	baolong	baolong	NOUN
fbem-29346	29	8	's	's	PART
fbem-29346	29	9	layout	layout	NOUN
fbem-29346	29	10	in	in	ADP
fbem-29346	29	11	third	third	ADJ
fbem-29346	29	12	-	-	PUNCT
fbem-29346	29	13	and	and	CCONJ
fbem-29346	29	14	fourth	fourth	ADJ
fbem-29346	29	15	tier	tier	NOUN
fbem-29346	29	16	cities	city	NOUN
fbem-29346	29	17	,	,	PUNCT
fbem-29346	29	18	by	by	ADP
fbem-29346	29	19	2017	2017	NUM
fbem-29346	29	20	,	,	PUNCT
fbem-29346	29	21	agreement	agreement	NOUN
fbem-29346	29	22	sales	sale	NOUN
fbem-29346	29	23	from	from	ADP
fbem-29346	29	24	second	second	ADJ
fbem-29346	29	25	and	and	CCONJ
fbem-29346	29	26	third	third	ADJ
fbem-29346	29	27	tier	tier	NOUN
fbem-29346	29	28	cities	city	NOUN
fbem-29346	29	29	and	and	CCONJ
fbem-29346	29	30	other	other	ADJ
fbem-29346	29	31	cities	city	NOUN
fbem-29346	29	32	had	have	AUX
fbem-29346	29	33	accounted	account	VERB
fbem-29346	29	34	for	for	ADP
fbem-29346	29	35	66	66	NUM
fbem-29346	29	36	%	%	NOUN
fbem-29346	29	37	of	of	ADP
fbem-29346	29	38	the	the	DET
fbem-29346	29	39	total	total	ADJ
fbem-29346	29	40	agreement	agreement	NOUN
fbem-29346	29	41	sales	sale	NOUN
fbem-29346	29	42	.	.	PUNCT
fbem-29346	30	1	in	in	ADP
fbem-29346	30	2	2018	2018	NUM
fbem-29346	30	3	,	,	PUNCT
fbem-29346	30	4	baolong	baolong	ADJ
fbem-29346	30	5	real	real	ADJ
fbem-29346	30	6	estate	estate	NOUN
fbem-29346	30	7	adopted	adopt	VERB
fbem-29346	30	8	a	a	DET
fbem-29346	30	9	strategy	strategy	NOUN
fbem-29346	30	10	of	of	ADP
fbem-29346	30	11	decentralized	decentralized	ADJ
fbem-29346	30	12	sinking	sinking	NOUN
fbem-29346	30	13	to	to	ADP
fbem-29346	30	14	third	third	ADJ
fbem-29346	30	15	and	and	CCONJ
fbem-29346	30	16	fourth	fourth	ADJ
fbem-29346	30	17	tier	tier	NOUN
fbem-29346	30	18	cities	city	NOUN
fbem-29346	30	19	.	.	PUNCT
fbem-29346	31	1	at	at	ADP
fbem-29346	31	2	the	the	DET
fbem-29346	31	3	end	end	NOUN
fbem-29346	31	4	of	of	ADP
fbem-29346	31	5	2018	2018	NUM
fbem-29346	31	6	,	,	PUNCT
fbem-29346	31	7	baolong	baolong	PROPN
fbem-29346	31	8	's	's	PART
fbem-29346	31	9	unfinished	unfinished	ADJ
fbem-29346	31	10	equity	equity	NOUN
fbem-29346	31	11	land	land	PROPN
fbem-29346	31	12	reserve	reserve	PROPN
fbem-29346	31	13	area	area	NOUN
fbem-29346	31	14	was	be	AUX
fbem-29346	31	15	60.7322	60.7322	NUM
fbem-29346	31	16	million	million	NUM
fbem-29346	31	17	square	square	ADJ
fbem-29346	31	18	meters	meter	NOUN
fbem-29346	31	19	,	,	PUNCT
fbem-29346	31	20	of	of	ADP
fbem-29346	31	21	which	which	PRON
fbem-29346	31	22	first	first	ADJ
fbem-29346	31	23	-	-	PUNCT
fbem-29346	31	24	and	and	CCONJ
fbem-29346	31	25	second	second	ADJ
fbem-29346	31	26	tier	tier	NOUN
fbem-29346	31	27	cities	city	NOUN
fbem-29346	31	28	accounted	account	VERB
fbem-29346	31	29	for	for	ADP
fbem-29346	31	30	4.17	4.17	NUM
fbem-29346	31	31	%	%	NOUN
fbem-29346	31	32	and	and	CCONJ
fbem-29346	31	33	37.45	37.45	NUM
fbem-29346	31	34	%	%	NOUN
fbem-29346	31	35	respectively	respectively	ADV
fbem-29346	31	36	,	,	PUNCT
fbem-29346	31	37	while	while	SCONJ
fbem-29346	31	38	third	third	ADJ
fbem-29346	31	39	and	and	CCONJ
fbem-29346	31	40	fourth	fourth	ADJ
fbem-29346	31	41	tier	tier	NOUN
fbem-29346	31	42	cities	city	NOUN
fbem-29346	31	43	accounted	account	VERB
fbem-29346	31	44	for	for	ADP
fbem-29346	31	45	58.38	58.38	NUM
fbem-29346	31	46	%	%	NOUN
fbem-29346	31	47	.	.	PUNCT
fbem-29346	32	1	however	however	ADV
fbem-29346	32	2	,	,	PUNCT
fbem-29346	32	3	from	from	ADP
fbem-29346	32	4	the	the	DET
fbem-29346	32	5	market	market	NOUN
fbem-29346	32	6	reaction	reaction	NOUN
fbem-29346	32	7	in	in	ADP
fbem-29346	32	8	this	this	DET
fbem-29346	32	9	period	period	NOUN
fbem-29346	32	10	,	,	PUNCT
fbem-29346	32	11	after	after	ADP
fbem-29346	32	12	226	226	NUM
fbem-29346	32	13	2013	2013	NUM
fbem-29346	32	14	,	,	PUNCT
fbem-29346	32	15	the	the	DET
fbem-29346	32	16	regulation	regulation	NOUN
fbem-29346	32	17	was	be	AUX
fbem-29346	32	18	upgraded	upgrade	VERB
fbem-29346	32	19	,	,	PUNCT
fbem-29346	32	20	and	and	CCONJ
fbem-29346	32	21	the	the	DET
fbem-29346	32	22	"	"	PUNCT
fbem-29346	32	23	new	new	ADJ
fbem-29346	32	24	five	five	NUM
fbem-29346	32	25	rules	rule	NOUN
fbem-29346	32	26	"	"	PUNCT
fbem-29346	32	27	reaffirmed	reaffirm	VERB
fbem-29346	32	28	the	the	DET
fbem-29346	32	29	purchase	purchase	NOUN
fbem-29346	32	30	and	and	CCONJ
fbem-29346	32	31	loan	loan	NOUN
fbem-29346	32	32	restrictions	restriction	NOUN
fbem-29346	32	33	,	,	PUNCT
fbem-29346	32	34	and	and	CCONJ
fbem-29346	32	35	the	the	DET
fbem-29346	32	36	house	house	NOUN
fbem-29346	32	37	price	price	NOUN
fbem-29346	32	38	went	go	VERB
fbem-29346	32	39	from	from	ADP
fbem-29346	32	40	the	the	DET
fbem-29346	32	41	national	national	ADJ
fbem-29346	32	42	general	general	ADJ
fbem-29346	32	43	rise	rise	NOUN
fbem-29346	32	44	to	to	ADP
fbem-29346	32	45	the	the	DET
fbem-29346	32	46	era	era	NOUN
fbem-29346	32	47	of	of	ADP
fbem-29346	32	48	regional	regional	ADJ
fbem-29346	32	49	differentiation	differentiation	NOUN
fbem-29346	32	50	.	.	PUNCT
fbem-29346	33	1	the	the	DET
fbem-29346	33	2	increase	increase	NOUN
fbem-29346	33	3	in	in	ADP
fbem-29346	33	4	housing	housing	NOUN
fbem-29346	33	5	prices	price	NOUN
fbem-29346	33	6	in	in	ADP
fbem-29346	33	7	first	first	ADJ
fbem-29346	33	8	tier	tier	NOUN
fbem-29346	33	9	and	and	CCONJ
fbem-29346	33	10	hot	hot	ADJ
fbem-29346	33	11	second	second	ADJ
fbem-29346	33	12	tier	tier	NOUN
fbem-29346	33	13	cities	city	NOUN
fbem-29346	33	14	is	be	AUX
fbem-29346	33	15	much	much	ADV
fbem-29346	33	16	higher	high	ADJ
fbem-29346	33	17	than	than	ADP
fbem-29346	33	18	that	that	PRON
fbem-29346	33	19	in	in	ADP
fbem-29346	33	20	third	third	ADJ
fbem-29346	33	21	and	and	CCONJ
fbem-29346	33	22	fourth	fourth	ADJ
fbem-29346	33	23	tier	tier	NOUN
fbem-29346	33	24	cities	city	NOUN
fbem-29346	33	25	,	,	PUNCT
fbem-29346	33	26	and	and	CCONJ
fbem-29346	33	27	transactions	transaction	NOUN
fbem-29346	33	28	are	be	AUX
fbem-29346	33	29	in	in	ADP
fbem-29346	33	30	short	short	ADJ
fbem-29346	33	31	supply	supply	NOUN
fbem-29346	33	32	,	,	PUNCT
fbem-29346	33	33	while	while	SCONJ
fbem-29346	33	34	transactions	transaction	NOUN
fbem-29346	33	35	in	in	ADP
fbem-29346	33	36	third	third	ADJ
fbem-29346	33	37	and	and	CCONJ
fbem-29346	33	38	fourth	fourth	ADJ
fbem-29346	33	39	tier	tier	NOUN
fbem-29346	33	40	cities	city	NOUN
fbem-29346	33	41	are	be	AUX
fbem-29346	33	42	dismal	dismal	ADJ
fbem-29346	33	43	.	.	PUNCT
fbem-29346	34	1	it	it	PRON
fbem-29346	34	2	was	be	AUX
fbem-29346	34	3	not	not	PART
fbem-29346	34	4	until	until	ADP
fbem-29346	34	5	the	the	DET
fbem-29346	34	6	second	second	ADJ
fbem-29346	34	7	half	half	NOUN
fbem-29346	34	8	of	of	ADP
fbem-29346	34	9	2015	2015	NUM
fbem-29346	34	10	,	,	PUNCT
fbem-29346	34	11	with	with	ADP
fbem-29346	34	12	the	the	DET
fbem-29346	34	13	promotion	promotion	NOUN
fbem-29346	34	14	of	of	ADP
fbem-29346	34	15	the	the	DET
fbem-29346	34	16	"	"	PUNCT
fbem-29346	34	17	monetization	monetization	NOUN
fbem-29346	34	18	of	of	ADP
fbem-29346	34	19	shantytown	shantytown	ADJ
fbem-29346	34	20	renovation	renovation	NOUN
fbem-29346	34	21	"	"	PUNCT
fbem-29346	34	22	policy	policy	NOUN
fbem-29346	34	23	,	,	PUNCT
fbem-29346	34	24	that	that	SCONJ
fbem-29346	34	25	the	the	DET
fbem-29346	34	26	trading	trading	NOUN
fbem-29346	34	27	of	of	ADP
fbem-29346	34	28	commercial	commercial	ADJ
fbem-29346	34	29	housing	housing	NOUN
fbem-29346	34	30	in	in	ADP
fbem-29346	34	31	third	third	ADJ
fbem-29346	34	32	and	and	CCONJ
fbem-29346	34	33	fourth	fourth	ADJ
fbem-29346	34	34	tier	tier	NOUN
fbem-29346	34	35	cities	city	NOUN
fbem-29346	34	36	began	begin	VERB
fbem-29346	34	37	to	to	PART
fbem-29346	34	38	heat	heat	VERB
fbem-29346	34	39	up	up	ADP
fbem-29346	34	40	.	.	PUNCT
fbem-29346	35	1	but	but	CCONJ
fbem-29346	35	2	the	the	DET
fbem-29346	35	3	good	good	ADJ
fbem-29346	35	4	times	time	NOUN
fbem-29346	35	5	did	do	AUX
fbem-29346	35	6	n't	not	PART
fbem-29346	35	7	last	last	ADJ
fbem-29346	35	8	long	long	ADV
fbem-29346	35	9	.	.	PUNCT
fbem-29346	36	1	in	in	ADP
fbem-29346	36	2	the	the	DET
fbem-29346	36	3	second	second	ADJ
fbem-29346	36	4	half	half	NOUN
fbem-29346	36	5	of	of	ADP
fbem-29346	36	6	2018	2018	NUM
fbem-29346	36	7	,	,	PUNCT
fbem-29346	36	8	the	the	DET
fbem-29346	36	9	government	government	NOUN
fbem-29346	36	10	began	begin	VERB
fbem-29346	36	11	to	to	PART
fbem-29346	36	12	tighten	tighten	VERB
fbem-29346	36	13	the	the	DET
fbem-29346	36	14	"	"	PUNCT
fbem-29346	36	15	monetization	monetization	NOUN
fbem-29346	36	16	of	of	ADP
fbem-29346	36	17	shantytown	shantytown	ADJ
fbem-29346	36	18	renovation	renovation	NOUN
fbem-29346	36	19	"	"	PUNCT
fbem-29346	36	20	in	in	ADP
fbem-29346	36	21	order	order	NOUN
fbem-29346	36	22	to	to	PART
fbem-29346	36	23	curb	curb	VERB
fbem-29346	36	24	the	the	DET
fbem-29346	36	25	rapid	rapid	ADJ
fbem-29346	36	26	growth	growth	NOUN
fbem-29346	36	27	of	of	ADP
fbem-29346	36	28	housing	housing	NOUN
fbem-29346	36	29	prices	price	NOUN
fbem-29346	36	30	in	in	ADP
fbem-29346	36	31	third	third	ADJ
fbem-29346	36	32	and	and	CCONJ
fbem-29346	36	33	fourth	fourth	ADJ
fbem-29346	36	34	tier	tier	NOUN
fbem-29346	36	35	cities	city	NOUN
fbem-29346	36	36	,	,	PUNCT
fbem-29346	36	37	and	and	CCONJ
fbem-29346	36	38	transactions	transaction	NOUN
fbem-29346	36	39	in	in	ADP
fbem-29346	36	40	the	the	DET
fbem-29346	36	41	third	third	ADJ
fbem-29346	36	42	and	and	CCONJ
fbem-29346	36	43	fourth	fourth	ADJ
fbem-29346	36	44	tier	tier	NOUN
fbem-29346	36	45	real	real	ADJ
fbem-29346	36	46	estate	estate	NOUN
fbem-29346	36	47	markets	market	NOUN
fbem-29346	36	48	quickly	quickly	ADV
fbem-29346	36	49	cooled	cool	VERB
fbem-29346	36	50	down	down	ADP
fbem-29346	36	51	.	.	PUNCT
fbem-29346	37	1	due	due	ADP
fbem-29346	37	2	to	to	ADP
fbem-29346	37	3	baolong	baolong	ADJ
fbem-29346	37	4	real	real	ADJ
fbem-29346	37	5	estate	estate	NOUN
fbem-29346	37	6	's	's	PART
fbem-29346	37	7	land	land	NOUN
fbem-29346	37	8	acquisition	acquisition	NOUN
fbem-29346	37	9	pace	pace	NOUN
fbem-29346	37	10	being	be	AUX
fbem-29346	37	11	exactly	exactly	ADV
fbem-29346	37	12	opposite	opposite	ADJ
fbem-29346	37	13	to	to	ADP
fbem-29346	37	14	the	the	DET
fbem-29346	37	15	market	market	NOUN
fbem-29346	37	16	,	,	PUNCT
fbem-29346	37	17	it	it	PRON
fbem-29346	37	18	reduced	reduce	VERB
fbem-29346	37	19	its	its	PRON
fbem-29346	37	20	layout	layout	NOUN
fbem-29346	37	21	in	in	ADP
fbem-29346	37	22	first	first	ADJ
fbem-29346	37	23	and	and	CCONJ
fbem-29346	37	24	second	second	ADJ
fbem-29346	37	25	tier	tier	NOUN
fbem-29346	37	26	cities	city	NOUN
fbem-29346	37	27	during	during	ADP
fbem-29346	37	28	the	the	DET
fbem-29346	37	29	booming	booming	ADJ
fbem-29346	37	30	real	real	ADJ
fbem-29346	37	31	estate	estate	NOUN
fbem-29346	37	32	market	market	NOUN
fbem-29346	37	33	,	,	PUNCT
fbem-29346	37	34	and	and	CCONJ
fbem-29346	37	35	instead	instead	ADV
fbem-29346	37	36	increased	increase	VERB
fbem-29346	37	37	its	its	PRON
fbem-29346	37	38	layout	layout	NOUN
fbem-29346	37	39	in	in	ADP
fbem-29346	37	40	third	third	ADJ
fbem-29346	37	41	and	and	CCONJ
fbem-29346	37	42	fourth	fourth	ADJ
fbem-29346	37	43	tier	tier	NOUN
fbem-29346	37	44	cities	city	NOUN
fbem-29346	37	45	.	.	PUNCT
fbem-29346	38	1	however	however	ADV
fbem-29346	38	2	,	,	PUNCT
fbem-29346	38	3	its	its	PRON
fbem-29346	38	4	key	key	ADJ
fbem-29346	38	5	bet	bet	NOUN
fbem-29346	38	6	on	on	ADP
fbem-29346	38	7	the	the	DET
fbem-29346	38	8	third	third	ADJ
fbem-29346	38	9	and	and	CCONJ
fbem-29346	38	10	fourth	fourth	ADJ
fbem-29346	38	11	tier	tier	NOUN
fbem-29346	38	12	real	real	ADJ
fbem-29346	38	13	estate	estate	NOUN
fbem-29346	38	14	market	market	NOUN
fbem-29346	38	15	was	be	AUX
fbem-29346	38	16	only	only	ADV
fbem-29346	38	17	booming	boom	VERB
fbem-29346	38	18	between	between	ADP
fbem-29346	38	19	2016	2016	NUM
fbem-29346	38	20	and	and	CCONJ
fbem-29346	38	21	2018	2018	NUM
fbem-29346	38	22	,	,	PUNCT
fbem-29346	38	23	resulting	result	VERB
fbem-29346	38	24	in	in	ADP
fbem-29346	38	25	a	a	DET
fbem-29346	38	26	gradual	gradual	ADJ
fbem-29346	38	27	decrease	decrease	NOUN
fbem-29346	38	28	in	in	ADP
fbem-29346	38	29	its	its	PRON
fbem-29346	38	30	sales	sale	NOUN
fbem-29346	38	31	growth	growth	NOUN
fbem-29346	38	32	rate	rate	NOUN
fbem-29346	38	33	.	.	PUNCT
fbem-29346	39	1	when	when	SCONJ
fbem-29346	39	2	compared	compare	VERB
fbem-29346	39	3	vertically	vertically	ADV
fbem-29346	39	4	,	,	PUNCT
fbem-29346	39	5	the	the	DET
fbem-29346	39	6	overall	overall	ADJ
fbem-29346	39	7	year	year	NOUN
fbem-29346	39	8	-	-	PUNCT
fbem-29346	39	9	on	on	ADP
fbem-29346	39	10	-	-	PUNCT
fbem-29346	39	11	year	year	NOUN
fbem-29346	39	12	growth	growth	NOUN
fbem-29346	39	13	rate	rate	NOUN
fbem-29346	39	14	of	of	ADP
fbem-29346	39	15	baolong	baolong	ADJ
fbem-29346	39	16	real	real	ADJ
fbem-29346	39	17	estate	estate	NOUN
fbem-29346	39	18	's	's	PART
fbem-29346	39	19	revenue	revenue	NOUN
fbem-29346	39	20	has	have	AUX
fbem-29346	39	21	shown	show	VERB
fbem-29346	39	22	a	a	DET
fbem-29346	39	23	fluctuating	fluctuate	VERB
fbem-29346	39	24	downward	downward	ADJ
fbem-29346	39	25	trend	trend	NOUN
fbem-29346	39	26	,	,	PUNCT
fbem-29346	39	27	especially	especially	ADV
fbem-29346	39	28	after	after	ADP
fbem-29346	39	29	the	the	DET
fbem-29346	39	30	tightening	tightening	NOUN
fbem-29346	39	31	of	of	ADP
fbem-29346	39	32	"	"	PUNCT
fbem-29346	39	33	shantytown	shantytown	ADJ
fbem-29346	39	34	conversion	conversion	NOUN
fbem-29346	39	35	monetization	monetization	NOUN
fbem-29346	39	36	"	"	PUNCT
fbem-29346	39	37	in	in	ADP
fbem-29346	39	38	2018	2018	NUM
fbem-29346	39	39	and	and	CCONJ
fbem-29346	39	40	the	the	DET
fbem-29346	39	41	cooling	cooling	NOUN
fbem-29346	39	42	of	of	ADP
fbem-29346	39	43	the	the	DET
fbem-29346	39	44	third	third	ADJ
fbem-29346	39	45	and	and	CCONJ
fbem-29346	39	46	fourth	fourth	ADJ
fbem-29346	39	47	tier	tier	NOUN
fbem-29346	39	48	real	real	ADJ
fbem-29346	39	49	estate	estate	NOUN
fbem-29346	39	50	markets	market	NOUN
fbem-29346	39	51	,	,	PUNCT
fbem-29346	39	52	the	the	DET
fbem-29346	39	53	year	year	NOUN
fbem-29346	39	54	-	-	PUNCT
fbem-29346	39	55	on	on	ADP
fbem-29346	39	56	-	-	PUNCT
fbem-29346	39	57	year	year	NOUN
fbem-29346	39	58	growth	growth	NOUN
fbem-29346	39	59	rate	rate	NOUN
fbem-29346	39	60	of	of	ADP
fbem-29346	39	61	revenue	revenue	NOUN
fbem-29346	39	62	has	have	AUX
fbem-29346	39	63	been	be	AUX
fbem-29346	39	64	declining	decline	VERB
fbem-29346	39	65	.	.	PUNCT
fbem-29346	40	1	and	and	CCONJ
fbem-29346	40	2	2017	2017	NUM
fbem-29346	40	3	-	-	SYM
fbem-29346	40	4	2018	2018	NUM
fbem-29346	40	5	was	be	AUX
fbem-29346	40	6	the	the	DET
fbem-29346	40	7	stage	stage	NOUN
fbem-29346	40	8	when	when	SCONJ
fbem-29346	40	9	baolong	baolong	ADJ
fbem-29346	40	10	real	real	ADJ
fbem-29346	40	11	estate	estate	NOUN
fbem-29346	40	12	further	far	ADV
fbem-29346	40	13	invested	invest	VERB
fbem-29346	40	14	in	in	ADP
fbem-29346	40	15	third	third	ADJ
fbem-29346	40	16	and	and	CCONJ
fbem-29346	40	17	fourth	fourth	ADJ
fbem-29346	40	18	tier	tier	NOUN
fbem-29346	40	19	cities	city	NOUN
fbem-29346	40	20	,	,	PUNCT
fbem-29346	40	21	reflecting	reflect	VERB
fbem-29346	40	22	the	the	DET
fbem-29346	40	23	negative	negative	ADJ
fbem-29346	40	24	impact	impact	NOUN
fbem-29346	40	25	of	of	ADP
fbem-29346	40	26	the	the	DET
fbem-29346	40	27	cooling	cooling	NOUN
fbem-29346	40	28	of	of	ADP
fbem-29346	40	29	the	the	DET
fbem-29346	40	30	third	third	ADJ
fbem-29346	40	31	and	and	CCONJ
fbem-29346	40	32	fourth	fourth	ADJ
fbem-29346	40	33	tier	tier	NOUN
fbem-29346	40	34	real	real	ADJ
fbem-29346	40	35	estate	estate	NOUN
fbem-29346	40	36	market	market	NOUN
fbem-29346	40	37	on	on	ADP
fbem-29346	40	38	baolong	baolong	ADJ
fbem-29346	40	39	real	real	ADJ
fbem-29346	40	40	estate	estate	NOUN
fbem-29346	40	41	's	's	PART
fbem-29346	40	42	revenue	revenue	NOUN
fbem-29346	40	43	.	.	PUNCT
fbem-29346	41	1	from	from	ADP
fbem-29346	41	2	a	a	DET
fbem-29346	41	3	horizontal	horizontal	ADJ
fbem-29346	41	4	comparison	comparison	NOUN
fbem-29346	41	5	,	,	PUNCT
fbem-29346	41	6	before	before	ADP
fbem-29346	41	7	2018	2018	NUM
fbem-29346	41	8	,	,	PUNCT
fbem-29346	41	9	baolong	baolong	ADJ
fbem-29346	41	10	real	real	ADJ
fbem-29346	41	11	estate	estate	NOUN
fbem-29346	41	12	's	's	PART
fbem-29346	41	13	year	year	NOUN
fbem-29346	41	14	-	-	PUNCT
fbem-29346	41	15	on	on	ADP
fbem-29346	41	16	-	-	PUNCT
fbem-29346	41	17	year	year	NOUN
fbem-29346	41	18	revenue	revenue	NOUN
fbem-29346	41	19	growth	growth	NOUN
fbem-29346	41	20	rate	rate	NOUN
fbem-29346	41	21	was	be	AUX
fbem-29346	41	22	slightly	slightly	ADV
fbem-29346	41	23	higher	high	ADJ
fbem-29346	41	24	than	than	ADP
fbem-29346	41	25	the	the	DET
fbem-29346	41	26	average	average	NOUN
fbem-29346	41	27	of	of	ADP
fbem-29346	41	28	the	the	DET
fbem-29346	41	29	control	control	NOUN
fbem-29346	41	30	group	group	NOUN
fbem-29346	41	31	in	in	ADP
fbem-29346	41	32	some	some	DET
fbem-29346	41	33	years	year	NOUN
fbem-29346	41	34	,	,	PUNCT
fbem-29346	41	35	but	but	CCONJ
fbem-29346	41	36	since	since	SCONJ
fbem-29346	41	37	then	then	ADV
fbem-29346	41	38	,	,	PUNCT
fbem-29346	41	39	it	it	PRON
fbem-29346	41	40	has	have	AUX
fbem-29346	41	41	been	be	AUX
fbem-29346	41	42	consistently	consistently	ADV
fbem-29346	41	43	lower	low	ADJ
fbem-29346	41	44	than	than	ADP
fbem-29346	41	45	the	the	DET
fbem-29346	41	46	average	average	NOUN
fbem-29346	41	47	of	of	ADP
fbem-29346	41	48	the	the	DET
fbem-29346	41	49	control	control	NOUN
fbem-29346	41	50	group	group	NOUN
fbem-29346	41	51	and	and	CCONJ
fbem-29346	41	52	the	the	DET
fbem-29346	41	53	gap	gap	NOUN
fbem-29346	41	54	between	between	ADP
fbem-29346	41	55	the	the	DET
fbem-29346	41	56	two	two	NUM
fbem-29346	41	57	has	have	AUX
fbem-29346	41	58	further	far	ADV
fbem-29346	41	59	widened	widen	VERB
fbem-29346	41	60	.	.	PUNCT
fbem-29346	42	1	the	the	DET
fbem-29346	42	2	slowdown	slowdown	NOUN
fbem-29346	42	3	in	in	ADP
fbem-29346	42	4	the	the	DET
fbem-29346	42	5	growth	growth	NOUN
fbem-29346	42	6	rate	rate	NOUN
fbem-29346	42	7	of	of	ADP
fbem-29346	42	8	baolong	baolong	ADJ
fbem-29346	42	9	real	real	ADJ
fbem-29346	42	10	estate	estate	NOUN
fbem-29346	42	11	's	's	PART
fbem-29346	42	12	operating	operating	NOUN
fbem-29346	42	13	revenue	revenue	NOUN
fbem-29346	42	14	has	have	AUX
fbem-29346	42	15	also	also	ADV
fbem-29346	42	16	affected	affect	VERB
fbem-29346	42	17	the	the	DET
fbem-29346	42	18	company	company	NOUN
fbem-29346	42	19	's	's	PART
fbem-29346	42	20	profit	profit	NOUN
fbem-29346	42	21	level	level	NOUN
fbem-29346	42	22	.	.	PUNCT
fbem-29346	43	1	the	the	DET
fbem-29346	43	2	net	net	ADJ
fbem-29346	43	3	profit	profit	NOUN
fbem-29346	43	4	margin	margin	NOUN
fbem-29346	43	5	,	,	PUNCT
fbem-29346	43	6	return	return	NOUN
fbem-29346	43	7	on	on	ADP
fbem-29346	43	8	equity	equity	NOUN
fbem-29346	43	9	,	,	PUNCT
fbem-29346	43	10	and	and	CCONJ
fbem-29346	43	11	total	total	ADJ
fbem-29346	43	12	asset	asset	NOUN
fbem-29346	43	13	return	return	NOUN
fbem-29346	43	14	of	of	ADP
fbem-29346	43	15	baolong	baolong	ADJ
fbem-29346	43	16	real	real	ADJ
fbem-29346	43	17	estate	estate	NOUN
fbem-29346	43	18	have	have	AUX
fbem-29346	43	19	all	all	PRON
fbem-29346	43	20	shown	show	VERB
fbem-29346	43	21	a	a	DET
fbem-29346	43	22	fluctuating	fluctuate	VERB
fbem-29346	43	23	downward	downward	ADJ
fbem-29346	43	24	trend	trend	NOUN
fbem-29346	43	25	,	,	PUNCT
fbem-29346	43	26	and	and	CCONJ
fbem-29346	43	27	since	since	SCONJ
fbem-29346	43	28	2018	2018	NUM
fbem-29346	43	29	,	,	PUNCT
fbem-29346	43	30	these	these	DET
fbem-29346	43	31	profitability	profitability	NOUN
fbem-29346	43	32	indicators	indicator	NOUN
fbem-29346	43	33	have	have	AUX
fbem-29346	43	34	always	always	ADV
fbem-29346	43	35	been	be	AUX
fbem-29346	43	36	lower	low	ADJ
fbem-29346	43	37	than	than	ADP
fbem-29346	43	38	the	the	DET
fbem-29346	43	39	average	average	ADJ
fbem-29346	43	40	level	level	NOUN
fbem-29346	43	41	of	of	ADP
fbem-29346	43	42	the	the	DET
fbem-29346	43	43	control	control	NOUN
fbem-29346	43	44	group	group	NOUN
fbem-29346	43	45	,	,	PUNCT
fbem-29346	43	46	further	far	ADV
fbem-29346	43	47	indicating	indicate	VERB
fbem-29346	43	48	that	that	SCONJ
fbem-29346	43	49	the	the	DET
fbem-29346	43	50	strategy	strategy	NOUN
fbem-29346	43	51	of	of	ADP
fbem-29346	43	52	heavily	heavily	ADV
fbem-29346	43	53	investing	invest	VERB
fbem-29346	43	54	in	in	ADP
fbem-29346	43	55	third	third	ADJ
fbem-29346	43	56	and	and	CCONJ
fbem-29346	43	57	fourth	fourth	ADJ
fbem-29346	43	58	tier	tier	NOUN
fbem-29346	43	59	real	real	ADJ
fbem-29346	43	60	estate	estate	NOUN
fbem-29346	43	61	has	have	AUX
fbem-29346	43	62	weakened	weaken	VERB
fbem-29346	43	63	baolong	baolong	ADJ
fbem-29346	43	64	real	real	ADJ
fbem-29346	43	65	estate	estate	NOUN
fbem-29346	43	66	's	's	PART
fbem-29346	43	67	profitability	profitability	NOUN
fbem-29346	43	68	.	.	PUNCT
fbem-29346	44	1	in	in	ADP
fbem-29346	44	2	summary	summary	NOUN
fbem-29346	44	3	,	,	PUNCT
fbem-29346	44	4	due	due	ADP
fbem-29346	44	5	to	to	ADP
fbem-29346	44	6	baolong	baolong	ADJ
fbem-29346	44	7	real	real	ADJ
fbem-29346	44	8	estate	estate	NOUN
fbem-29346	44	9	's	's	PART
fbem-29346	44	10	heavy	heavy	ADJ
fbem-29346	44	11	investment	investment	NOUN
fbem-29346	44	12	in	in	ADP
fbem-29346	44	13	real	real	ADJ
fbem-29346	44	14	estate	estate	NOUN
fbem-29346	44	15	projects	project	NOUN
fbem-29346	44	16	in	in	ADP
fbem-29346	44	17	third	third	ADJ
fbem-29346	44	18	and	and	CCONJ
fbem-29346	44	19	fourth	fourth	ADJ
fbem-29346	44	20	tier	tier	NOUN
fbem-29346	44	21	cities	city	NOUN
fbem-29346	44	22	at	at	ADP
fbem-29346	44	23	the	the	DET
fbem-29346	44	24	wrong	wrong	ADJ
fbem-29346	44	25	time	time	NOUN
fbem-29346	44	26	,	,	PUNCT
fbem-29346	44	27	it	it	PRON
fbem-29346	44	28	missed	miss	VERB
fbem-29346	44	29	the	the	DET
fbem-29346	44	30	golden	golden	ADJ
fbem-29346	44	31	development	development	NOUN
fbem-29346	44	32	period	period	NOUN
fbem-29346	44	33	of	of	ADP
fbem-29346	44	34	the	the	DET
fbem-29346	44	35	first	first	ADJ
fbem-29346	44	36	and	and	CCONJ
fbem-29346	44	37	second	second	ADJ
fbem-29346	44	38	tier	tier	NOUN
fbem-29346	44	39	real	real	ADJ
fbem-29346	44	40	estate	estate	NOUN
fbem-29346	44	41	markets	market	NOUN
fbem-29346	44	42	,	,	PUNCT
fbem-29346	44	43	and	and	CCONJ
fbem-29346	44	44	further	far	ADV
fbem-29346	44	45	invested	invest	VERB
fbem-29346	44	46	in	in	ADP
fbem-29346	44	47	low	low	ADJ
fbem-29346	44	48	-	-	PUNCT
fbem-29346	44	49	energy	energy	NOUN
fbem-29346	44	50	cities	city	NOUN
fbem-29346	44	51	on	on	ADP
fbem-29346	44	52	the	the	DET
fbem-29346	44	53	eve	eve	NOUN
fbem-29346	44	54	of	of	ADP
fbem-29346	44	55	policy	policy	NOUN
fbem-29346	44	56	changes	change	NOUN
fbem-29346	44	57	and	and	CCONJ
fbem-29346	44	58	cooling	cooling	NOUN
fbem-29346	44	59	of	of	ADP
fbem-29346	44	60	the	the	DET
fbem-29346	44	61	third	third	ADJ
fbem-29346	44	62	and	and	CCONJ
fbem-29346	44	63	fourth	fourth	ADJ
fbem-29346	44	64	tier	tier	NOUN
fbem-29346	44	65	real	real	ADJ
fbem-29346	44	66	estate	estate	NOUN
fbem-29346	44	67	markets	market	NOUN
fbem-29346	44	68	,	,	PUNCT
fbem-29346	44	69	resulting	result	VERB
fbem-29346	44	70	in	in	ADP
fbem-29346	44	71	slow	slow	ADJ
fbem-29346	44	72	sales	sale	NOUN
fbem-29346	44	73	growth	growth	NOUN
fbem-29346	44	74	and	and	CCONJ
fbem-29346	44	75	affecting	affect	VERB
fbem-29346	44	76	the	the	DET
fbem-29346	44	77	company	company	NOUN
fbem-29346	44	78	's	's	PART
fbem-29346	44	79	profitability	profitability	NOUN
fbem-29346	44	80	.	.	PUNCT
fbem-29346	45	1	2.2	2.2	NUM
fbem-29346	45	2	.	.	PUNCT
fbem-29346	45	3	increase	increase	VERB
fbem-29346	45	4	in	in	ADP
fbem-29346	45	5	commercial	commercial	ADJ
fbem-29346	45	6	real	real	ADJ
fbem-29346	45	7	estate	estate	NOUN
fbem-29346	45	8	,	,	PUNCT
fbem-29346	45	9	slowing	slow	VERB
fbem-29346	45	10	down	down	ADP
fbem-29346	45	11	asset	asset	NOUN
fbem-29346	45	12	turnover	turnover	NOUN
fbem-29346	45	13	in	in	ADP
fbem-29346	45	14	2008	2008	NUM
fbem-29346	45	15	,	,	PUNCT
fbem-29346	45	16	baolong	baolong	ADJ
fbem-29346	45	17	real	real	ADJ
fbem-29346	45	18	estate	estate	NOUN
fbem-29346	45	19	proposed	propose	VERB
fbem-29346	45	20	a	a	DET
fbem-29346	45	21	strategic	strategic	ADJ
fbem-29346	45	22	direction	direction	NOUN
fbem-29346	45	23	of	of	ADP
fbem-29346	45	24	balancing	balance	VERB
fbem-29346	45	25	commercial	commercial	ADJ
fbem-29346	45	26	and	and	CCONJ
fbem-29346	45	27	residential	residential	ADJ
fbem-29346	45	28	development	development	NOUN
fbem-29346	45	29	,	,	PUNCT
fbem-29346	45	30	acquiring	acquire	VERB
fbem-29346	45	31	a	a	DET
fbem-29346	45	32	large	large	ADJ
fbem-29346	45	33	number	number	NOUN
fbem-29346	45	34	of	of	ADP
fbem-29346	45	35	commercial	commercial	ADJ
fbem-29346	45	36	plots	plot	NOUN
fbem-29346	45	37	in	in	ADP
fbem-29346	45	38	beijing	beijing	PROPN
fbem-29346	45	39	,	,	PUNCT
fbem-29346	45	40	tianjin	tianjin	PROPN
fbem-29346	45	41	,	,	PUNCT
fbem-29346	45	42	chengdu	chengdu	PROPN
fbem-29346	45	43	,	,	PUNCT
fbem-29346	45	44	chongqing	chongqing	PROPN
fbem-29346	45	45	and	and	CCONJ
fbem-29346	45	46	other	other	ADJ
fbem-29346	45	47	places	place	NOUN
fbem-29346	45	48	,	,	PUNCT
fbem-29346	45	49	and	and	CCONJ
fbem-29346	45	50	developing	develop	VERB
fbem-29346	45	51	commercial	commercial	ADJ
fbem-29346	45	52	and	and	CCONJ
fbem-29346	45	53	residential	residential	ADJ
fbem-29346	45	54	real	real	ADJ
fbem-29346	45	55	estate	estate	NOUN
fbem-29346	45	56	at	at	ADP
fbem-29346	45	57	the	the	DET
fbem-29346	45	58	same	same	ADJ
fbem-29346	45	59	speed	speed	NOUN
fbem-29346	45	60	.	.	PUNCT
fbem-29346	46	1	the	the	DET
fbem-29346	46	2	commercial	commercial	ADJ
fbem-29346	46	3	property	property	NOUN
fbem-29346	46	4	area	area	NOUN
fbem-29346	46	5	under	under	ADP
fbem-29346	46	6	construction	construction	NOUN
fbem-29346	46	7	by	by	ADP
fbem-29346	46	8	the	the	DET
fbem-29346	46	9	company	company	NOUN
fbem-29346	46	10	in	in	ADP
fbem-29346	46	11	2008	2008	NUM
fbem-29346	46	12	-	-	SYM
fbem-29346	46	13	2009	2009	NUM
fbem-29346	46	14	was	be	AUX
fbem-29346	46	15	nearly	nearly	ADV
fbem-29346	46	16	2	2	NUM
fbem-29346	46	17	million	million	NUM
fbem-29346	46	18	square	square	ADJ
fbem-29346	46	19	meters	meter	NOUN
fbem-29346	46	20	,	,	PUNCT
fbem-29346	46	21	with	with	ADP
fbem-29346	46	22	a	a	DET
fbem-29346	46	23	huge	huge	ADJ
fbem-29346	46	24	amount	amount	NOUN
fbem-29346	46	25	of	of	ADP
fbem-29346	46	26	accumulated	accumulate	VERB
fbem-29346	46	27	funds	fund	NOUN
fbem-29346	46	28	.	.	PUNCT
fbem-29346	47	1	since	since	SCONJ
fbem-29346	47	2	2017	2017	NUM
fbem-29346	47	3	,	,	PUNCT
fbem-29346	47	4	baolong	baolong	ADJ
fbem-29346	47	5	real	real	ADJ
fbem-29346	47	6	estate	estate	NOUN
fbem-29346	47	7	has	have	AUX
fbem-29346	47	8	rapidly	rapidly	ADV
fbem-29346	47	9	expanded	expand	VERB
fbem-29346	47	10	in	in	ADP
fbem-29346	47	11	commercial	commercial	ADJ
fbem-29346	47	12	real	real	ADJ
fbem-29346	47	13	estate	estate	NOUN
fbem-29346	47	14	.	.	PUNCT
fbem-29346	48	1	in	in	ADP
fbem-29346	48	2	2017	2017	NUM
fbem-29346	48	3	,	,	PUNCT
fbem-29346	48	4	baolong	baolong	ADJ
fbem-29346	48	5	real	real	ADJ
fbem-29346	48	6	estate	estate	NOUN
fbem-29346	48	7	acquired	acquire	VERB
fbem-29346	48	8	25	25	NUM
fbem-29346	48	9	hotels	hotel	NOUN
fbem-29346	48	10	under	under	ADP
fbem-29346	48	11	wanda	wanda	PROPN
fbem-29346	48	12	commercial	commercial	NOUN
fbem-29346	48	13	at	at	ADP
fbem-29346	48	14	a	a	DET
fbem-29346	48	15	cost	cost	NOUN
fbem-29346	48	16	of	of	ADP
fbem-29346	48	17	8.306	8.306	NUM
fbem-29346	48	18	billion	billion	NUM
fbem-29346	48	19	yuan	yuan	NOUN
fbem-29346	48	20	.	.	PUNCT
fbem-29346	49	1	before	before	ADP
fbem-29346	49	2	acquiring	acquire	VERB
fbem-29346	49	3	wanda	wanda	PROPN
fbem-29346	49	4	hotels	hotel	NOUN
fbem-29346	49	5	,	,	PUNCT
fbem-29346	49	6	baolong	baolong	ADJ
fbem-29346	49	7	only	only	ADV
fbem-29346	49	8	owned	own	VERB
fbem-29346	49	9	16	16	NUM
fbem-29346	49	10	international	international	ADJ
fbem-29346	49	11	hotels	hotel	NOUN
fbem-29346	49	12	operated	operate	VERB
fbem-29346	49	13	and	and	CCONJ
fbem-29346	49	14	managed	manage	VERB
fbem-29346	49	15	by	by	ADP
fbem-29346	49	16	brands	brand	NOUN
fbem-29346	49	17	such	such	ADJ
fbem-29346	49	18	as	as	ADP
fbem-29346	49	19	hilton	hilton	PROPN
fbem-29346	49	20	,	,	PUNCT
fbem-29346	49	21	grand	grand	ADJ
fbem-29346	49	22	hyatt	hyatt	NOUN
fbem-29346	49	23	,	,	PUNCT
fbem-29346	49	24	and	and	CCONJ
fbem-29346	49	25	hyatt	hyatt	NOUN
fbem-29346	49	26	,	,	PUNCT
fbem-29346	49	27	causing	cause	VERB
fbem-29346	49	28	a	a	DET
fbem-29346	49	29	sensation	sensation	NOUN
fbem-29346	49	30	in	in	ADP
fbem-29346	49	31	the	the	DET
fbem-29346	49	32	industry	industry	NOUN
fbem-29346	49	33	.	.	PUNCT
fbem-29346	50	1	during	during	ADP
fbem-29346	50	2	the	the	DET
fbem-29346	50	3	same	same	ADJ
fbem-29346	50	4	period	period	NOUN
fbem-29346	50	5	,	,	PUNCT
fbem-29346	50	6	baolong	baolong	ADJ
fbem-29346	50	7	real	real	ADJ
fbem-29346	50	8	estate	estate	NOUN
fbem-29346	50	9	acquired	acquire	VERB
fbem-29346	50	10	commercial	commercial	ADJ
fbem-29346	50	11	real	real	ADJ
fbem-29346	50	12	estate	estate	NOUN
fbem-29346	50	13	projects	project	NOUN
fbem-29346	50	14	worth	worth	ADJ
fbem-29346	50	15	up	up	ADP
fbem-29346	50	16	to	to	PART
fbem-29346	50	17	30	30	NUM
fbem-29346	50	18	billion	billion	NUM
fbem-29346	50	19	yuan	yuan	NOUN
fbem-29346	50	20	in	in	ADP
fbem-29346	50	21	the	the	DET
fbem-29346	50	22	uk	uk	PROPN
fbem-29346	50	23	,	,	PUNCT
fbem-29346	50	24	hainan	hainan	PROPN
fbem-29346	50	25	,	,	PUNCT
fbem-29346	50	26	and	and	CCONJ
fbem-29346	50	27	other	other	ADJ
fbem-29346	50	28	regions	region	NOUN
fbem-29346	50	29	.	.	PUNCT
fbem-29346	51	1	in	in	ADP
fbem-29346	51	2	2018	2018	NUM
fbem-29346	51	3	,	,	PUNCT
fbem-29346	51	4	baolong	baolong	ADV
fbem-29346	51	5	established	establish	VERB
fbem-29346	51	6	a	a	DET
fbem-29346	51	7	professional	professional	ADJ
fbem-29346	51	8	commercial	commercial	ADJ
fbem-29346	51	9	operation	operation	NOUN
fbem-29346	51	10	management	management	NOUN
fbem-29346	51	11	company	company	NOUN
fbem-29346	51	12	to	to	PART
fbem-29346	51	13	coordinate	coordinate	VERB
fbem-29346	51	14	and	and	CCONJ
fbem-29346	51	15	manage	manage	VERB
fbem-29346	51	16	its	its	PRON
fbem-29346	51	17	self	self	NOUN
fbem-29346	51	18	owned	own	VERB
fbem-29346	51	19	commercial	commercial	ADJ
fbem-29346	51	20	properties	property	NOUN
fbem-29346	51	21	.	.	PUNCT
fbem-29346	52	1	since	since	SCONJ
fbem-29346	52	2	baolong	baolong	ADJ
fbem-29346	52	3	first	first	ADV
fbem-29346	52	4	announced	announce	VERB
fbem-29346	52	5	its	its	PRON
fbem-29346	52	6	commercial	commercial	ADJ
fbem-29346	52	7	sector	sector	NOUN
fbem-29346	52	8	revenue	revenue	NOUN
fbem-29346	52	9	in	in	ADP
fbem-29346	52	10	2019	2019	NUM
fbem-29346	52	11	,	,	PUNCT
fbem-29346	52	12	the	the	DET
fbem-29346	52	13	proportion	proportion	NOUN
fbem-29346	52	14	of	of	ADP
fbem-29346	52	15	baolong	baolong	NOUN
fbem-29346	52	16	's	's	PART
fbem-29346	52	17	commercial	commercial	ADJ
fbem-29346	52	18	real	real	ADJ
fbem-29346	52	19	estate	estate	NOUN
fbem-29346	52	20	to	to	PART
fbem-29346	52	21	total	total	ADJ
fbem-29346	52	22	revenue	revenue	NOUN
fbem-29346	52	23	has	have	AUX
fbem-29346	52	24	remained	remain	VERB
fbem-29346	52	25	at	at	ADP
fbem-29346	52	26	around	around	ADV
fbem-29346	52	27	20	20	NUM
fbem-29346	52	28	%	%	NOUN
fbem-29346	52	29	.	.	PUNCT
fbem-29346	53	1	compared	compare	VERB
fbem-29346	53	2	with	with	ADP
fbem-29346	53	3	top	top	ADJ
fbem-29346	53	4	real	real	ADJ
fbem-29346	53	5	estate	estate	NOUN
fbem-29346	53	6	companies	company	NOUN
fbem-29346	53	7	such	such	ADJ
fbem-29346	53	8	as	as	ADP
fbem-29346	53	9	country	country	NOUN
fbem-29346	53	10	garden	garden	NOUN
fbem-29346	53	11	and	and	CCONJ
fbem-29346	53	12	vanke	vanke	ADJ
fbem-29346	53	13	,	,	PUNCT
fbem-29346	53	14	this	this	DET
fbem-29346	53	15	proportion	proportion	NOUN
fbem-29346	53	16	is	be	AUX
fbem-29346	53	17	relatively	relatively	ADV
fbem-29346	53	18	high	high	ADJ
fbem-29346	53	19	,	,	PUNCT
fbem-29346	53	20	while	while	SCONJ
fbem-29346	53	21	vanke	vanke	PROPN
fbem-29346	53	22	's	's	PART
fbem-29346	53	23	proportion	proportion	NOUN
fbem-29346	53	24	is	be	AUX
fbem-29346	53	25	less	less	ADJ
fbem-29346	53	26	than	than	ADP
fbem-29346	53	27	10	10	NUM
fbem-29346	53	28	%	%	NOUN
fbem-29346	53	29	.	.	PUNCT
fbem-29346	54	1	commercial	commercial	ADJ
fbem-29346	54	2	real	real	ADJ
fbem-29346	54	3	estate	estate	NOUN
fbem-29346	54	4	requires	require	VERB
fbem-29346	54	5	significant	significant	ADJ
fbem-29346	54	6	upfront	upfront	ADJ
fbem-29346	54	7	investment	investment	NOUN
fbem-29346	54	8	and	and	CCONJ
fbem-29346	54	9	a	a	DET
fbem-29346	54	10	long	long	ADJ
fbem-29346	54	11	return	return	NOUN
fbem-29346	54	12	cycle	cycle	NOUN
fbem-29346	54	13	.	.	PUNCT
fbem-29346	55	1	once	once	ADV
fbem-29346	55	2	there	there	PRON
fbem-29346	55	3	are	be	VERB
fbem-29346	55	4	problems	problem	NOUN
fbem-29346	55	5	with	with	ADP
fbem-29346	55	6	the	the	DET
fbem-29346	55	7	funding	funding	NOUN
fbem-29346	55	8	chain	chain	NOUN
fbem-29346	55	9	,	,	PUNCT
fbem-29346	55	10	financial	financial	ADJ
fbem-29346	55	11	risks	risk	NOUN
fbem-29346	55	12	can	can	AUX
fbem-29346	55	13	be	be	AUX
fbem-29346	55	14	significant	significant	ADJ
fbem-29346	55	15	.	.	PUNCT
fbem-29346	56	1	compared	compare	VERB
fbem-29346	56	2	to	to	ADP
fbem-29346	56	3	residential	residential	ADJ
fbem-29346	56	4	real	real	ADJ
fbem-29346	56	5	estate	estate	NOUN
fbem-29346	56	6	,	,	PUNCT
fbem-29346	56	7	commercial	commercial	ADJ
fbem-29346	56	8	real	real	ADJ
fbem-29346	56	9	estate	estate	NOUN
fbem-29346	56	10	has	have	VERB
fbem-29346	56	11	a	a	DET
fbem-29346	56	12	longer	long	ADJ
fbem-29346	56	13	capital	capital	NOUN
fbem-29346	56	14	collection	collection	NOUN
fbem-29346	56	15	cycle	cycle	NOUN
fbem-29346	56	16	and	and	CCONJ
fbem-29346	56	17	slower	slow	ADJ
fbem-29346	56	18	recovery	recovery	NOUN
fbem-29346	56	19	speed	speed	NOUN
fbem-29346	56	20	.	.	PUNCT
fbem-29346	57	1	the	the	DET
fbem-29346	57	2	continuous	continuous	ADJ
fbem-29346	57	3	increase	increase	NOUN
fbem-29346	57	4	in	in	ADP
fbem-29346	57	5	commercial	commercial	ADJ
fbem-29346	57	6	real	real	ADJ
fbem-29346	57	7	estate	estate	NOUN
fbem-29346	57	8	by	by	ADP
fbem-29346	57	9	baolong	baolong	ADJ
fbem-29346	57	10	real	real	ADJ
fbem-29346	57	11	estate	estate	NOUN
fbem-29346	57	12	has	have	AUX
fbem-29346	57	13	dragged	drag	VERB
fbem-29346	57	14	down	down	ADP
fbem-29346	57	15	its	its	PRON
fbem-29346	57	16	asset	asset	NOUN
fbem-29346	57	17	turnover	turnover	NOUN
fbem-29346	57	18	speed	speed	NOUN
fbem-29346	57	19	.	.	PUNCT
fbem-29346	58	1	due	due	ADP
fbem-29346	58	2	to	to	ADP
fbem-29346	58	3	the	the	DET
fbem-29346	58	4	fact	fact	NOUN
fbem-29346	58	5	that	that	SCONJ
fbem-29346	58	6	commercial	commercial	ADJ
fbem-29346	58	7	real	real	ADJ
fbem-29346	58	8	estate	estate	NOUN
fbem-29346	58	9	in	in	ADP
fbem-29346	58	10	real	real	ADJ
fbem-29346	58	11	estate	estate	NOUN
fbem-29346	58	12	enterprises	enterprise	NOUN
fbem-29346	58	13	is	be	AUX
fbem-29346	58	14	often	often	ADV
fbem-29346	58	15	accounted	account	VERB
fbem-29346	58	16	for	for	ADP
fbem-29346	58	17	as	as	ADP
fbem-29346	58	18	fixed	fix	VERB
fbem-29346	58	19	assets	asset	NOUN
fbem-29346	58	20	,	,	PUNCT
fbem-29346	58	21	the	the	DET
fbem-29346	58	22	efficiency	efficiency	NOUN
fbem-29346	58	23	of	of	ADP
fbem-29346	58	24	the	the	DET
fbem-29346	58	25	enterprise	enterprise	NOUN
fbem-29346	58	26	from	from	ADP
fbem-29346	58	27	development	development	NOUN
fbem-29346	58	28	to	to	ADP
fbem-29346	58	29	revenue	revenue	NOUN
fbem-29346	58	30	realization	realization	NOUN
fbem-29346	58	31	can	can	AUX
fbem-29346	58	32	be	be	AUX
fbem-29346	58	33	measured	measure	VERB
fbem-29346	58	34	by	by	ADP
fbem-29346	58	35	the	the	DET
fbem-29346	58	36	fixed	fix	VERB
fbem-29346	58	37	asset	asset	NOUN
fbem-29346	58	38	turnover	turnover	NOUN
fbem-29346	58	39	rate	rate	NOUN
fbem-29346	58	40	,	,	PUNCT
fbem-29346	58	41	and	and	CCONJ
fbem-29346	58	42	the	the	DET
fbem-29346	58	43	ability	ability	NOUN
fbem-29346	58	44	of	of	ADP
fbem-29346	58	45	the	the	DET
fbem-29346	58	46	enterprise	enterprise	NOUN
fbem-29346	58	47	to	to	PART
fbem-29346	58	48	convert	convert	VERB
fbem-29346	58	49	accounts	account	NOUN
fbem-29346	58	50	receivable	receivable	ADJ
fbem-29346	58	51	into	into	ADP
fbem-29346	58	52	cash	cash	NOUN
fbem-29346	58	53	can	can	AUX
fbem-29346	58	54	be	be	AUX
fbem-29346	58	55	measured	measure	VERB
fbem-29346	58	56	by	by	ADP
fbem-29346	58	57	the	the	DET
fbem-29346	58	58	accounts	account	NOUN
fbem-29346	58	59	receivable	receivable	ADJ
fbem-29346	58	60	turnover	turnover	NOUN
fbem-29346	58	61	rate	rate	NOUN
fbem-29346	58	62	.	.	PUNCT
fbem-29346	59	1	as	as	SCONJ
fbem-29346	59	2	shown	show	VERB
fbem-29346	59	3	in	in	ADP
fbem-29346	59	4	table	table	NOUN
fbem-29346	59	5	1	1	NUM
fbem-29346	59	6	,	,	PUNCT
fbem-29346	59	7	when	when	SCONJ
fbem-29346	59	8	compared	compare	VERB
fbem-29346	59	9	vertically	vertically	ADV
fbem-29346	59	10	,	,	PUNCT
fbem-29346	59	11	the	the	DET
fbem-29346	59	12	fixed	fix	VERB
fbem-29346	59	13	asset	asset	NOUN
fbem-29346	59	14	turnover	turnover	NOUN
fbem-29346	59	15	rate	rate	NOUN
fbem-29346	59	16	of	of	ADP
fbem-29346	59	17	baolong	baolong	ADJ
fbem-29346	59	18	real	real	ADJ
fbem-29346	59	19	estate	estate	NOUN
fbem-29346	59	20	has	have	AUX
fbem-29346	59	21	shown	show	VERB
fbem-29346	59	22	an	an	DET
fbem-29346	59	23	overall	overall	ADJ
fbem-29346	59	24	downward	downward	ADJ
fbem-29346	59	25	trend	trend	NOUN
fbem-29346	59	26	,	,	PUNCT
fbem-29346	59	27	especially	especially	ADV
fbem-29346	59	28	since	since	SCONJ
fbem-29346	59	29	2017	2017	NUM
fbem-29346	59	30	when	when	SCONJ
fbem-29346	59	31	the	the	DET
fbem-29346	59	32	decline	decline	NOUN
fbem-29346	59	33	was	be	AUX
fbem-29346	59	34	significant	significant	ADJ
fbem-29346	59	35	.	.	PUNCT
fbem-29346	60	1	this	this	PRON
fbem-29346	60	2	is	be	AUX
fbem-29346	60	3	mainly	mainly	ADV
fbem-29346	60	4	due	due	ADJ
fbem-29346	60	5	to	to	ADP
fbem-29346	60	6	baolong	baolong	ADJ
fbem-29346	60	7	real	real	ADJ
fbem-29346	60	8	estate	estate	NOUN
fbem-29346	60	9	's	's	PART
fbem-29346	60	10	acquisition	acquisition	NOUN
fbem-29346	60	11	of	of	ADP
fbem-29346	60	12	hotels	hotel	NOUN
fbem-29346	60	13	under	under	ADP
fbem-29346	60	14	wanda	wanda	PROPN
fbem-29346	60	15	in	in	ADP
fbem-29346	60	16	2017	2017	NUM
fbem-29346	60	17	,	,	PUNCT
fbem-29346	60	18	which	which	PRON
fbem-29346	60	19	greatly	greatly	ADV
fbem-29346	60	20	increased	increase	VERB
fbem-29346	60	21	the	the	DET
fbem-29346	60	22	scale	scale	NOUN
fbem-29346	60	23	of	of	ADP
fbem-29346	60	24	commercial	commercial	ADJ
fbem-29346	60	25	assets	asset	NOUN
fbem-29346	60	26	.	.	PUNCT
fbem-29346	61	1	the	the	DET
fbem-29346	61	2	accounts	account	NOUN
fbem-29346	61	3	receivable	receivable	ADJ
fbem-29346	61	4	turnover	turnover	NOUN
fbem-29346	61	5	rate	rate	NOUN
fbem-29346	61	6	has	have	AUX
fbem-29346	61	7	been	be	AUX
fbem-29346	61	8	continuously	continuously	ADV
fbem-29346	61	9	decreasing	decrease	VERB
fbem-29346	61	10	since	since	SCONJ
fbem-29346	61	11	2017	2017	NUM
fbem-29346	61	12	.	.	PUNCT
fbem-29346	62	1	horizontally	horizontally	ADV
fbem-29346	62	2	compared	compare	VERB
fbem-29346	62	3	with	with	ADP
fbem-29346	62	4	the	the	DET
fbem-29346	62	5	control	control	PROPN
fbem-29346	62	6	group	group	PROPN
fbem-29346	62	7	average	average	NOUN
fbem-29346	62	8	,	,	PUNCT
fbem-29346	62	9	baolong	baolong	ADJ
fbem-29346	62	10	real	real	ADJ
fbem-29346	62	11	estate	estate	NOUN
fbem-29346	62	12	's	's	PART
fbem-29346	62	13	fixed	fix	VERB
fbem-29346	62	14	asset	asset	NOUN
fbem-29346	62	15	turnover	turnover	NOUN
fbem-29346	62	16	rate	rate	NOUN
fbem-29346	62	17	has	have	AUX
fbem-29346	62	18	always	always	ADV
fbem-29346	62	19	been	be	AUX
fbem-29346	62	20	lower	low	ADJ
fbem-29346	62	21	than	than	ADP
fbem-29346	62	22	the	the	DET
fbem-29346	62	23	industry	industry	NOUN
fbem-29346	62	24	average	average	NOUN
fbem-29346	62	25	,	,	PUNCT
fbem-29346	62	26	and	and	CCONJ
fbem-29346	62	27	this	this	DET
fbem-29346	62	28	gap	gap	NOUN
fbem-29346	62	29	has	have	AUX
fbem-29346	62	30	further	far	ADV
fbem-29346	62	31	widened	widen	VERB
fbem-29346	62	32	since	since	SCONJ
fbem-29346	62	33	2017	2017	NUM
fbem-29346	62	34	.	.	PUNCT
fbem-29346	63	1	meanwhile	meanwhile	ADV
fbem-29346	63	2	,	,	PUNCT
fbem-29346	63	3	the	the	DET
fbem-29346	63	4	accounts	account	NOUN
fbem-29346	63	5	receivable	receivable	ADJ
fbem-29346	63	6	turnover	turnover	NOUN
fbem-29346	63	7	rate	rate	NOUN
fbem-29346	63	8	has	have	AUX
fbem-29346	63	9	been	be	AUX
fbem-29346	63	10	consistently	consistently	ADV
fbem-29346	63	11	lower	low	ADJ
fbem-29346	63	12	than	than	ADP
fbem-29346	63	13	the	the	DET
fbem-29346	63	14	control	control	NOUN
fbem-29346	63	15	group	group	NOUN
fbem-29346	63	16	average	average	NOUN
fbem-29346	63	17	since	since	SCONJ
fbem-29346	63	18	2017	2017	NUM
fbem-29346	63	19	,	,	PUNCT
fbem-29346	63	20	indicating	indicate	VERB
fbem-29346	63	21	the	the	DET
fbem-29346	63	22	negative	negative	ADJ
fbem-29346	63	23	impact	impact	NOUN
fbem-29346	63	24	of	of	ADP
fbem-29346	63	25	baolong	baolong	ADJ
fbem-29346	63	26	real	real	ADJ
fbem-29346	63	27	estate	estate	NOUN
fbem-29346	63	28	's	's	PART
fbem-29346	63	29	investment	investment	NOUN
fbem-29346	63	30	in	in	ADP
fbem-29346	63	31	commercial	commercial	ADJ
fbem-29346	63	32	real	real	ADJ
fbem-29346	63	33	estate	estate	NOUN
fbem-29346	63	34	on	on	ADP
fbem-29346	63	35	its	its	PRON
fbem-29346	63	36	operational	operational	ADJ
fbem-29346	63	37	capabilities	capability	NOUN
fbem-29346	63	38	in	in	ADP
fbem-29346	63	39	2017	2017	NUM
fbem-29346	63	40	.	.	PUNCT
fbem-29346	64	1	table	table	NOUN
fbem-29346	64	2	1	1	NUM
fbem-29346	64	3	.	.	PUNCT
fbem-29346	65	1	operating	operate	VERB
fbem-29346	65	2	capacity	capacity	NOUN
fbem-29346	65	3	indicators	indicator	NOUN
fbem-29346	65	4	of	of	ADP
fbem-29346	65	5	baolong	baolong	ADJ
fbem-29346	65	6	real	real	ADJ
fbem-29346	65	7	estate	estate	NOUN
fbem-29346	65	8	and	and	CCONJ
fbem-29346	65	9	control	control	NOUN
fbem-29346	65	10	group	group	NOUN
fbem-29346	65	11	(	(	PUNCT
fbem-29346	65	12	unit	unit	NOUN
fbem-29346	65	13	:	:	PUNCT
fbem-29346	65	14	times	time	NOUN
fbem-29346	65	15	)	)	PUNCT
fbem-29346	65	16	partic	partic	ADJ
fbem-29346	65	17	ular	ular	PROPN
fbem-29346	65	18	year	year	NOUN
fbem-29346	65	19	fixed	fix	VERB
fbem-29346	65	20	asset	asset	NOUN
fbem-29346	65	21	turnover	turnover	NOUN
fbem-29346	65	22	rate	rate	NOUN
fbem-29346	65	23	control	control	NOUN
fbem-29346	65	24	group	group	NOUN
fbem-29346	65	25	mean	mean	VERB
fbem-29346	65	26	accounts	account	VERB
fbem-29346	65	27	receivable	receivable	ADJ
fbem-29346	65	28	turnover	turnover	NOUN
fbem-29346	65	29	ratio	ratio	NOUN
fbem-29346	65	30	control	control	NOUN
fbem-29346	65	31	group	group	PROPN
fbem-29346	65	32	mean	mean	VERB
fbem-29346	65	33	2015	2015	NUM
fbem-29346	65	34	5.37	5.37	NUM
fbem-29346	65	35	9.47	9.47	NUM
fbem-29346	65	36	14.65	14.65	NUM
fbem-29346	65	37	9.00	9.00	NUM
fbem-29346	65	38	2016	2016	NUM
fbem-29346	65	39	5.39	5.39	NUM
fbem-29346	65	40	9.40	9.40	NUM
fbem-29346	65	41	15.99	15.99	NUM
fbem-29346	65	42	14.21	14.21	NUM
fbem-29346	65	43	2017	2017	NUM
fbem-29346	65	44	2.63	2.63	NUM
fbem-29346	65	45	17.52	17.52	NUM
fbem-29346	65	46	40.24	40.24	NUM
fbem-29346	65	47	19.50	19.50	NUM
fbem-29346	65	48	2018	2018	NUM
fbem-29346	65	49	2.22	2.22	NUM
fbem-29346	65	50	15.72	15.72	NUM
fbem-29346	65	51	12.90	12.90	NUM
fbem-29346	65	52	20.36	20.36	NUM
fbem-29346	65	53	2019	2019	NUM
fbem-29346	65	54	2.60	2.60	NUM
fbem-29346	65	55	15.39	15.39	NUM
fbem-29346	65	56	13.29	13.29	NUM
fbem-29346	65	57	20.73	20.73	NUM
fbem-29346	65	58	2020	2020	NUM
fbem-29346	65	59	2.23	2.23	NUM
fbem-29346	65	60	16.72	16.72	NUM
fbem-29346	65	61	10.79	10.79	NUM
fbem-29346	65	62	20.38	20.38	NUM
fbem-29346	65	63	2021	2021	NUM
fbem-29346	65	64	1.71	1.71	NUM
fbem-29346	65	65	18.51	18.51	NUM
fbem-29346	65	66	-20.63	-20.63	PROPN
fbem-29346	65	67	8.68	8.68	NUM
fbem-29346	65	68	2022	2022	NUM
fbem-29346	65	69	0.76	0.76	NUM
fbem-29346	65	70	17.12	17.12	NUM
fbem-29346	65	71	-25.26	-25.26	SYM
fbem-29346	65	72	-13.28	-13.28	PROPN
fbem-29346	66	1	in	in	ADP
fbem-29346	66	2	the	the	DET
fbem-29346	66	3	layout	layout	NOUN
fbem-29346	66	4	of	of	ADP
fbem-29346	66	5	commercial	commercial	ADJ
fbem-29346	66	6	real	real	ADJ
fbem-29346	66	7	estate	estate	NOUN
fbem-29346	66	8	,	,	PUNCT
fbem-29346	66	9	baolong	baolong	PROPN
fbem-29346	66	10	's	's	PART
fbem-29346	66	11	hotel	hotel	NOUN
fbem-29346	66	12	business	business	NOUN
fbem-29346	66	13	,	,	PUNCT
fbem-29346	66	14	which	which	PRON
fbem-29346	66	15	has	have	AUX
fbem-29346	66	16	been	be	AUX
fbem-29346	66	17	continuously	continuously	ADV
fbem-29346	66	18	focused	focus	VERB
fbem-29346	66	19	on	on	ADP
fbem-29346	66	20	,	,	PUNCT
fbem-29346	66	21	has	have	AUX
fbem-29346	66	22	been	be	AUX
fbem-29346	66	23	227	227	NUM
fbem-29346	66	24	in	in	ADP
fbem-29346	66	25	a	a	DET
fbem-29346	66	26	loss	loss	NOUN
fbem-29346	66	27	making	make	VERB
fbem-29346	66	28	state	state	NOUN
fbem-29346	66	29	for	for	ADP
fbem-29346	66	30	years	year	NOUN
fbem-29346	66	31	,	,	PUNCT
fbem-29346	66	32	laying	lay	VERB
fbem-29346	66	33	the	the	DET
fbem-29346	66	34	groundwork	groundwork	NOUN
fbem-29346	66	35	for	for	ADP
fbem-29346	66	36	its	its	PRON
fbem-29346	66	37	future	future	ADJ
fbem-29346	66	38	liquidity	liquidity	NOUN
fbem-29346	66	39	crisis	crisis	NOUN
fbem-29346	66	40	.	.	PUNCT
fbem-29346	67	1	baolong	baolong	PROPN
fbem-29346	67	2	entered	enter	VERB
fbem-29346	67	3	the	the	DET
fbem-29346	67	4	high	high	ADJ
fbem-29346	67	5	-	-	PUNCT
fbem-29346	67	6	end	end	NOUN
fbem-29346	67	7	hotel	hotel	NOUN
fbem-29346	67	8	industry	industry	NOUN
fbem-29346	67	9	in	in	ADP
fbem-29346	67	10	2004	2004	NUM
fbem-29346	67	11	,	,	PUNCT
fbem-29346	67	12	but	but	CCONJ
fbem-29346	67	13	has	have	VERB
fbem-29346	67	14	yet	yet	ADV
fbem-29346	67	15	to	to	PART
fbem-29346	67	16	achieve	achieve	VERB
fbem-29346	67	17	true	true	ADJ
fbem-29346	67	18	profitability	profitability	NOUN
fbem-29346	67	19	.	.	PUNCT
fbem-29346	68	1	in	in	ADP
fbem-29346	68	2	2010	2010	NUM
fbem-29346	68	3	,	,	PUNCT
fbem-29346	68	4	the	the	DET
fbem-29346	68	5	first	first	ADJ
fbem-29346	68	6	three	three	NUM
fbem-29346	68	7	baolong	baolong	ADJ
fbem-29346	68	8	hotels	hotel	NOUN
fbem-29346	68	9	,	,	PUNCT
fbem-29346	68	10	namely	namely	ADV
fbem-29346	68	11	aloft	aloft	ADV
fbem-29346	68	12	grand	grand	ADJ
fbem-29346	68	13	hotel	hotel	NOUN
fbem-29346	68	14	,	,	PUNCT
fbem-29346	68	15	yiyue	yiyue	NOUN
fbem-29346	68	16	selected	select	VERB
fbem-29346	68	17	hotel	hotel	NOUN
fbem-29346	68	18	,	,	PUNCT
fbem-29346	68	19	and	and	CCONJ
fbem-29346	68	20	yijun	yijun	PROPN
fbem-29346	68	21	hotel	hotel	PROPN
fbem-29346	68	22	,	,	PUNCT
fbem-29346	68	23	opened	open	VERB
fbem-29346	68	24	successively	successively	ADV
fbem-29346	68	25	,	,	PUNCT
fbem-29346	68	26	contributing	contribute	VERB
fbem-29346	68	27	a	a	DET
fbem-29346	68	28	total	total	ADJ
fbem-29346	68	29	revenue	revenue	NOUN
fbem-29346	68	30	of	of	ADP
fbem-29346	68	31	183	183	NUM
fbem-29346	68	32	million	million	NUM
fbem-29346	68	33	yuan	yuan	NOUN
fbem-29346	68	34	that	that	DET
fbem-29346	68	35	year	year	NOUN
fbem-29346	68	36	,	,	PUNCT
fbem-29346	68	37	accounting	account	VERB
fbem-29346	68	38	for	for	ADP
fbem-29346	68	39	1.19	1.19	NUM
fbem-29346	68	40	%	%	NOUN
fbem-29346	68	41	of	of	ADP
fbem-29346	68	42	the	the	DET
fbem-29346	68	43	group	group	NOUN
fbem-29346	68	44	's	's	PART
fbem-29346	68	45	total	total	ADJ
fbem-29346	68	46	revenue	revenue	NOUN
fbem-29346	68	47	.	.	PUNCT
fbem-29346	69	1	due	due	ADP
fbem-29346	69	2	to	to	ADP
fbem-29346	69	3	the	the	DET
fbem-29346	69	4	high	high	ADJ
fbem-29346	69	5	initial	initial	ADJ
fbem-29346	69	6	cost	cost	NOUN
fbem-29346	69	7	investment	investment	NOUN
fbem-29346	69	8	and	and	CCONJ
fbem-29346	69	9	long	long	ADJ
fbem-29346	69	10	return	return	NOUN
fbem-29346	69	11	period	period	NOUN
fbem-29346	69	12	of	of	ADP
fbem-29346	69	13	the	the	DET
fbem-29346	69	14	hotel	hotel	NOUN
fbem-29346	69	15	operation	operation	NOUN
fbem-29346	69	16	,	,	PUNCT
fbem-29346	69	17	the	the	DET
fbem-29346	69	18	net	net	ADJ
fbem-29346	69	19	loss	loss	NOUN
fbem-29346	69	20	of	of	ADP
fbem-29346	69	21	the	the	DET
fbem-29346	69	22	three	three	NUM
fbem-29346	69	23	hotels	hotel	NOUN
fbem-29346	69	24	in	in	ADP
fbem-29346	69	25	their	their	PRON
fbem-29346	69	26	first	first	ADJ
fbem-29346	69	27	year	year	NOUN
fbem-29346	69	28	of	of	ADP
fbem-29346	69	29	operation	operation	NOUN
fbem-29346	69	30	reached	reach	VERB
fbem-29346	69	31	54	54	NUM
fbem-29346	69	32	million	million	NUM
fbem-29346	69	33	yuan	yuan	NOUN
fbem-29346	69	34	,	,	PUNCT
fbem-29346	69	35	and	and	CCONJ
fbem-29346	69	36	the	the	DET
fbem-29346	69	37	hotel	hotel	NOUN
fbem-29346	69	38	business	business	NOUN
fbem-29346	69	39	has	have	AUX
fbem-29346	69	40	been	be	AUX
fbem-29346	69	41	in	in	ADP
fbem-29346	69	42	a	a	DET
fbem-29346	69	43	loss	loss	NOUN
fbem-29346	69	44	making	make	VERB
fbem-29346	69	45	state	state	NOUN
fbem-29346	69	46	ever	ever	ADV
fbem-29346	69	47	since	since	ADV
fbem-29346	69	48	.	.	PUNCT
fbem-29346	70	1	in	in	ADP
fbem-29346	70	2	2017	2017	NUM
fbem-29346	70	3	,	,	PUNCT
fbem-29346	70	4	baolong	baolong	ADV
fbem-29346	70	5	purchased	purchase	VERB
fbem-29346	70	6	25	25	NUM
fbem-29346	70	7	hotels	hotel	NOUN
fbem-29346	70	8	under	under	ADP
fbem-29346	70	9	wanda	wanda	PROPN
fbem-29346	70	10	for	for	ADP
fbem-29346	70	11	8.306	8.306	NUM
fbem-29346	70	12	billion	billion	NUM
fbem-29346	70	13	yuan	yuan	NOUN
fbem-29346	70	14	.	.	PUNCT
fbem-29346	71	1	however	however	ADV
fbem-29346	71	2	,	,	PUNCT
fbem-29346	71	3	this	this	DET
fbem-29346	71	4	acquisition	acquisition	NOUN
fbem-29346	71	5	did	do	AUX
fbem-29346	71	6	not	not	PART
fbem-29346	71	7	reverse	reverse	VERB
fbem-29346	71	8	the	the	DET
fbem-29346	71	9	losses	loss	NOUN
fbem-29346	71	10	of	of	ADP
fbem-29346	71	11	baolong	baolong	ADJ
fbem-29346	71	12	hotel	hotel	NOUN
fbem-29346	71	13	's	's	PART
fbem-29346	71	14	business	business	NOUN
fbem-29346	71	15	.	.	PUNCT
fbem-29346	72	1	after	after	ADP
fbem-29346	72	2	2017	2017	NUM
fbem-29346	72	3	,	,	PUNCT
fbem-29346	72	4	the	the	DET
fbem-29346	72	5	proportion	proportion	NOUN
fbem-29346	72	6	of	of	ADP
fbem-29346	72	7	hotel	hotel	NOUN
fbem-29346	72	8	business	business	NOUN
fbem-29346	72	9	to	to	PART
fbem-29346	72	10	total	total	VERB
fbem-29346	72	11	revenue	revenue	NOUN
fbem-29346	72	12	has	have	AUX
fbem-29346	72	13	significantly	significantly	ADV
fbem-29346	72	14	increased	increase	VERB
fbem-29346	72	15	,	,	PUNCT
fbem-29346	72	16	but	but	CCONJ
fbem-29346	72	17	net	net	ADJ
fbem-29346	72	18	losses	loss	NOUN
fbem-29346	72	19	have	have	AUX
fbem-29346	72	20	also	also	ADV
fbem-29346	72	21	been	be	AUX
fbem-29346	72	22	increasing	increase	VERB
fbem-29346	72	23	year	year	NOUN
fbem-29346	72	24	by	by	ADP
fbem-29346	72	25	year	year	NOUN
fbem-29346	72	26	.	.	PUNCT
fbem-29346	73	1	by	by	ADP
fbem-29346	73	2	2022	2022	NUM
fbem-29346	73	3	,	,	PUNCT
fbem-29346	73	4	the	the	DET
fbem-29346	73	5	loss	loss	NOUN
fbem-29346	73	6	amount	amount	NOUN
fbem-29346	73	7	has	have	AUX
fbem-29346	73	8	increased	increase	VERB
fbem-29346	73	9	from	from	ADP
fbem-29346	73	10	146	146	NUM
fbem-29346	73	11	million	million	NUM
fbem-29346	73	12	yuan	yuan	NOUN
fbem-29346	73	13	in	in	ADP
fbem-29346	73	14	2017	2017	NUM
fbem-29346	73	15	to	to	ADP
fbem-29346	73	16	2.373	2.373	NUM
fbem-29346	73	17	billion	billion	NUM
fbem-29346	73	18	yuan	yuan	NOUN
fbem-29346	73	19	.	.	PUNCT
fbem-29346	74	1	overall	overall	ADJ
fbem-29346	74	2	,	,	PUNCT
fbem-29346	74	3	due	due	ADP
fbem-29346	74	4	to	to	ADP
fbem-29346	74	5	the	the	DET
fbem-29346	74	6	large	large	ADJ
fbem-29346	74	7	investment	investment	NOUN
fbem-29346	74	8	amount	amount	NOUN
fbem-29346	74	9	,	,	PUNCT
fbem-29346	74	10	long	long	ADJ
fbem-29346	74	11	return	return	NOUN
fbem-29346	74	12	cycle	cycle	NOUN
fbem-29346	74	13	,	,	PUNCT
fbem-29346	74	14	and	and	CCONJ
fbem-29346	74	15	operational	operational	ADJ
fbem-29346	74	16	difficulties	difficulty	NOUN
fbem-29346	74	17	in	in	ADP
fbem-29346	74	18	commercial	commercial	ADJ
fbem-29346	74	19	real	real	ADJ
fbem-29346	74	20	estate	estate	NOUN
fbem-29346	74	21	,	,	PUNCT
fbem-29346	74	22	baolong	baolong	ADJ
fbem-29346	74	23	real	real	ADJ
fbem-29346	74	24	estate	estate	NOUN
fbem-29346	74	25	did	do	AUX
fbem-29346	74	26	not	not	PART
fbem-29346	74	27	achieve	achieve	VERB
fbem-29346	74	28	corresponding	corresponding	ADJ
fbem-29346	74	29	benefits	benefit	NOUN
fbem-29346	74	30	after	after	ADP
fbem-29346	74	31	increasing	increase	VERB
fbem-29346	74	32	its	its	PRON
fbem-29346	74	33	investment	investment	NOUN
fbem-29346	74	34	in	in	ADP
fbem-29346	74	35	commercial	commercial	ADJ
fbem-29346	74	36	real	real	ADJ
fbem-29346	74	37	estate	estate	NOUN
fbem-29346	74	38	.	.	PUNCT
fbem-29346	75	1	instead	instead	ADV
fbem-29346	75	2	,	,	PUNCT
fbem-29346	75	3	it	it	PRON
fbem-29346	75	4	led	lead	VERB
fbem-29346	75	5	to	to	ADP
fbem-29346	75	6	a	a	DET
fbem-29346	75	7	slower	slow	ADJ
fbem-29346	75	8	asset	asset	NOUN
fbem-29346	75	9	turnover	turnover	NOUN
fbem-29346	75	10	rate	rate	NOUN
fbem-29346	75	11	and	and	CCONJ
fbem-29346	75	12	increased	increase	VERB
fbem-29346	75	13	the	the	DET
fbem-29346	75	14	financial	financial	ADJ
fbem-29346	75	15	burden	burden	NOUN
fbem-29346	75	16	on	on	ADP
fbem-29346	75	17	the	the	DET
fbem-29346	75	18	enterprise	enterprise	NOUN
fbem-29346	75	19	.	.	PUNCT
fbem-29346	76	1	2.3	2.3	NUM
fbem-29346	76	2	.	.	PUNCT
fbem-29346	76	3	excessive	excessive	ADJ
fbem-29346	76	4	financial	financial	ADJ
fbem-29346	76	5	leverage	leverage	NOUN
fbem-29346	76	6	and	and	CCONJ
fbem-29346	76	7	mismatched	mismatch	VERB
fbem-29346	76	8	debt	debt	NOUN
fbem-29346	76	9	maturity	maturity	NOUN
fbem-29346	76	10	according	accord	VERB
fbem-29346	76	11	to	to	ADP
fbem-29346	76	12	the	the	DET
fbem-29346	76	13	trade	trade	NOUN
fbem-29346	76	14	-	-	PUNCT
fbem-29346	76	15	off	off	ADP
fbem-29346	76	16	theory	theory	NOUN
fbem-29346	76	17	,	,	PUNCT
fbem-29346	76	18	companies	company	NOUN
fbem-29346	76	19	can	can	AUX
fbem-29346	76	20	use	use	VERB
fbem-29346	76	21	the	the	DET
fbem-29346	76	22	"	"	PUNCT
fbem-29346	76	23	tax	tax	NOUN
fbem-29346	76	24	shield	shield	NOUN
fbem-29346	76	25	effect	effect	NOUN
fbem-29346	76	26	"	"	PUNCT
fbem-29346	76	27	of	of	ADP
fbem-29346	76	28	debt	debt	NOUN
fbem-29346	76	29	to	to	PART
fbem-29346	76	30	increase	increase	VERB
fbem-29346	76	31	their	their	PRON
fbem-29346	76	32	value	value	NOUN
fbem-29346	76	33	,	,	PUNCT
fbem-29346	76	34	but	but	CCONJ
fbem-29346	76	35	as	as	SCONJ
fbem-29346	76	36	debt	debt	NOUN
fbem-29346	76	37	grows	grow	VERB
fbem-29346	76	38	,	,	PUNCT
fbem-29346	76	39	the	the	DET
fbem-29346	76	40	likelihood	likelihood	NOUN
fbem-29346	76	41	of	of	ADP
fbem-29346	76	42	the	the	DET
fbem-29346	76	43	company	company	NOUN
fbem-29346	76	44	falling	fall	VERB
fbem-29346	76	45	into	into	ADP
fbem-29346	76	46	financial	financial	ADJ
fbem-29346	76	47	difficulties	difficulty	NOUN
fbem-29346	76	48	also	also	ADV
fbem-29346	76	49	increases	increase	VERB
fbem-29346	76	50	,	,	PUNCT
fbem-29346	76	51	even	even	ADV
fbem-29346	76	52	leading	lead	VERB
fbem-29346	76	53	to	to	ADP
fbem-29346	76	54	bankruptcy	bankruptcy	NOUN
fbem-29346	76	55	.	.	PUNCT
fbem-29346	77	1	both	both	DET
fbem-29346	77	2	heavy	heavy	ADJ
fbem-29346	77	3	holdings	holding	NOUN
fbem-29346	77	4	in	in	ADP
fbem-29346	77	5	third	third	ADJ
fbem-29346	77	6	and	and	CCONJ
fbem-29346	77	7	fourth	fourth	ADJ
fbem-29346	77	8	tier	tier	NOUN
fbem-29346	77	9	cities	city	NOUN
fbem-29346	77	10	and	and	CCONJ
fbem-29346	77	11	increased	increase	VERB
fbem-29346	77	12	investment	investment	NOUN
fbem-29346	77	13	in	in	ADP
fbem-29346	77	14	commercial	commercial	ADJ
fbem-29346	77	15	real	real	ADJ
fbem-29346	77	16	estate	estate	NOUN
fbem-29346	77	17	require	require	VERB
fbem-29346	77	18	significant	significant	ADJ
fbem-29346	77	19	financing	financing	NOUN
fbem-29346	77	20	,	,	PUNCT
fbem-29346	77	21	while	while	SCONJ
fbem-29346	77	22	equity	equity	NOUN
fbem-29346	77	23	financing	financing	NOUN
fbem-29346	77	24	for	for	ADP
fbem-29346	77	25	real	real	ADJ
fbem-29346	77	26	estate	estate	NOUN
fbem-29346	77	27	companies	company	NOUN
fbem-29346	77	28	is	be	AUX
fbem-29346	77	29	limited	limit	VERB
fbem-29346	77	30	and	and	CCONJ
fbem-29346	77	31	therefore	therefore	ADV
fbem-29346	77	32	mostly	mostly	ADV
fbem-29346	77	33	debt	debt	NOUN
fbem-29346	77	34	financing	financing	NOUN
fbem-29346	77	35	.	.	PUNCT
fbem-29346	78	1	with	with	ADP
fbem-29346	78	2	the	the	DET
fbem-29346	78	3	advancement	advancement	NOUN
fbem-29346	78	4	of	of	ADP
fbem-29346	78	5	the	the	DET
fbem-29346	78	6	strategy	strategy	NOUN
fbem-29346	78	7	,	,	PUNCT
fbem-29346	78	8	baolong	baolong	ADJ
fbem-29346	78	9	real	real	ADJ
fbem-29346	78	10	estate	estate	NOUN
fbem-29346	78	11	's	's	PART
fbem-29346	78	12	debt	debt	NOUN
fbem-29346	78	13	financing	financing	NOUN
fbem-29346	78	14	scale	scale	NOUN
fbem-29346	78	15	is	be	AUX
fbem-29346	78	16	increasing	increase	VERB
fbem-29346	78	17	,	,	PUNCT
fbem-29346	78	18	and	and	CCONJ
fbem-29346	78	19	its	its	PRON
fbem-29346	78	20	debt	debt	NOUN
fbem-29346	78	21	repayment	repayment	NOUN
fbem-29346	78	22	ability	ability	NOUN
fbem-29346	78	23	is	be	AUX
fbem-29346	78	24	gradually	gradually	ADV
fbem-29346	78	25	declining	decline	VERB
fbem-29346	78	26	.	.	PUNCT
fbem-29346	79	1	table	table	NOUN
fbem-29346	79	2	2	2	NUM
fbem-29346	79	3	.	.	PUNCT
fbem-29346	80	1	debt	debt	NOUN
fbem-29346	80	2	paying	pay	VERB
fbem-29346	80	3	ability	ability	NOUN
fbem-29346	80	4	indicators	indicator	NOUN
fbem-29346	80	5	of	of	ADP
fbem-29346	80	6	baolong	baolong	ADJ
fbem-29346	80	7	real	real	ADJ
fbem-29346	80	8	estate	estate	NOUN
fbem-29346	80	9	and	and	CCONJ
fbem-29346	80	10	control	control	NOUN
fbem-29346	80	11	group	group	NOUN
fbem-29346	80	12	(	(	PUNCT
fbem-29346	80	13	unit	unit	NOUN
fbem-29346	80	14	:	:	PUNCT
fbem-29346	80	15	%	%	INTJ
fbem-29346	80	16	)	)	PUNCT
fbem-29346	80	17	particular	particular	ADJ
fbem-29346	80	18	year	year	NOUN
fbem-29346	80	19	current	current	ADJ
fbem-29346	80	20	ratio	ratio	NOUN
fbem-29346	80	21	control	control	PROPN
fbem-29346	80	22	group	group	PROPN
fbem-29346	80	23	mean	mean	VERB
fbem-29346	80	24	quick	quick	ADJ
fbem-29346	80	25	ratio	ratio	NOUN
fbem-29346	80	26	control	control	NOUN
fbem-29346	80	27	group	group	PROPN
fbem-29346	80	28	mean	mean	VERB
fbem-29346	80	29	asset	asset	NOUN
fbem-29346	80	30	liability	liability	NOUN
fbem-29346	80	31	ratio	ratio	NOUN
fbem-29346	80	32	control	control	NOUN
fbem-29346	80	33	group	group	PROPN
fbem-29346	80	34	mean	mean	VERB
fbem-29346	80	35	2015	2015	NUM
fbem-29346	80	36	1.72	1.72	NUM
fbem-29346	80	37	1.95	1.95	NUM
fbem-29346	80	38	0.47	0.47	NUM
fbem-29346	80	39	0.59	0.59	NUM
fbem-29346	80	40	73.21	73.21	NUM
fbem-29346	80	41	71.73	71.73	NUM
fbem-29346	80	42	2016	2016	NUM
fbem-29346	80	43	2.04	2.04	NUM
fbem-29346	80	44	1.85	1.85	NUM
fbem-29346	80	45	0.80	0.80	NUM
fbem-29346	80	46	0.69	0.69	NUM
fbem-29346	80	47	79.31	79.31	NUM
fbem-29346	80	48	74.98	74.98	NUM
fbem-29346	80	49	2017	2017	NUM
fbem-29346	80	50	1.90	1.90	NUM
fbem-29346	80	51	1.66	1.66	NUM
fbem-29346	80	52	0.61	0.61	NUM
fbem-29346	80	53	0.71	0.71	NUM
fbem-29346	80	54	78.23	78.23	NUM
fbem-29346	80	55	78.44	78.44	NUM
fbem-29346	80	56	2018	2018	NUM
fbem-29346	80	57	1.53	1.53	NUM
fbem-29346	80	58	1.67	1.67	NUM
fbem-29346	80	59	0.44	0.44	NUM
fbem-29346	80	60	0.66	0.66	NUM
fbem-29346	80	61	80.92	80.92	NUM
fbem-29346	80	62	78.62	78.62	NUM
fbem-29346	80	63	2019	2019	NUM
fbem-29346	80	64	1.58	1.58	NUM
fbem-29346	80	65	1.52	1.52	NUM
fbem-29346	80	66	0.49	0.49	NUM
fbem-29346	80	67	0.61	0.61	NUM
fbem-29346	80	68	81.33	81.33	NUM
fbem-29346	80	69	79.13	79.13	NUM
fbem-29346	80	70	2020	2020	NUM
fbem-29346	80	71	1.35	1.35	NUM
fbem-29346	80	72	1.58	1.58	NUM
fbem-29346	80	73	0.40	0.40	NUM
fbem-29346	80	74	0.69	0.69	NUM
fbem-29346	80	75	79.19	79.19	NUM
fbem-29346	80	76	77.62	77.62	NUM
fbem-29346	80	77	2021	2021	NUM
fbem-29346	80	78	1.16	1.16	NUM
fbem-29346	80	79	1.41	1.41	NUM
fbem-29346	80	80	0.31	0.31	NUM
fbem-29346	80	81	0.59	0.59	NUM
fbem-29346	80	82	79.21	79.21	NUM
fbem-29346	80	83	77.28	77.28	NUM
fbem-29346	80	84	2022	2022	NUM
fbem-29346	80	85	1.22	1.22	NUM
fbem-29346	80	86	1.32	1.32	NUM
fbem-29346	80	87	0.29	0.29	NUM
fbem-29346	80	88	0.48	0.48	NUM
fbem-29346	80	89	81.85	81.85	NUM
fbem-29346	80	90	77.95	77.95	NUM
fbem-29346	80	91	as	as	SCONJ
fbem-29346	80	92	shown	show	VERB
fbem-29346	80	93	in	in	ADP
fbem-29346	80	94	table	table	NOUN
fbem-29346	80	95	2	2	NUM
fbem-29346	80	96	,	,	PUNCT
fbem-29346	80	97	when	when	SCONJ
fbem-29346	80	98	compared	compare	VERB
fbem-29346	80	99	vertically	vertically	ADV
fbem-29346	80	100	,	,	PUNCT
fbem-29346	80	101	the	the	DET
fbem-29346	80	102	current	current	ADJ
fbem-29346	80	103	ratio	ratio	NOUN
fbem-29346	80	104	and	and	CCONJ
fbem-29346	80	105	quick	quick	ADJ
fbem-29346	80	106	ratio	ratio	NOUN
fbem-29346	80	107	are	be	AUX
fbem-29346	80	108	indicators	indicator	NOUN
fbem-29346	80	109	of	of	ADP
fbem-29346	80	110	a	a	DET
fbem-29346	80	111	company	company	NOUN
fbem-29346	80	112	's	's	PART
fbem-29346	80	113	short	short	ADJ
fbem-29346	80	114	-	-	PUNCT
fbem-29346	80	115	term	term	NOUN
fbem-29346	80	116	debt	debt	NOUN
fbem-29346	80	117	paying	pay	VERB
fbem-29346	80	118	ability	ability	NOUN
fbem-29346	80	119	.	.	PUNCT
fbem-29346	81	1	since	since	SCONJ
fbem-29346	81	2	2016	2016	NUM
fbem-29346	81	3	,	,	PUNCT
fbem-29346	81	4	these	these	DET
fbem-29346	81	5	two	two	NUM
fbem-29346	81	6	indicators	indicator	NOUN
fbem-29346	81	7	have	have	AUX
fbem-29346	81	8	been	be	AUX
fbem-29346	81	9	declining	decline	VERB
fbem-29346	81	10	,	,	PUNCT
fbem-29346	81	11	especially	especially	ADV
fbem-29346	81	12	in	in	ADP
fbem-29346	81	13	2018	2018	NUM
fbem-29346	81	14	where	where	SCONJ
fbem-29346	81	15	the	the	DET
fbem-29346	81	16	decline	decline	NOUN
fbem-29346	81	17	was	be	AUX
fbem-29346	81	18	significant	significant	ADJ
fbem-29346	81	19	.	.	PUNCT
fbem-29346	82	1	this	this	PRON
fbem-29346	82	2	is	be	AUX
fbem-29346	82	3	mainly	mainly	ADV
fbem-29346	82	4	due	due	ADJ
fbem-29346	82	5	to	to	ADP
fbem-29346	82	6	the	the	DET
fbem-29346	82	7	company	company	NOUN
fbem-29346	82	8	's	's	PART
fbem-29346	82	9	launch	launch	NOUN
fbem-29346	82	10	of	of	ADP
fbem-29346	82	11	a	a	DET
fbem-29346	82	12	new	new	ADJ
fbem-29346	82	13	round	round	NOUN
fbem-29346	82	14	of	of	ADP
fbem-29346	82	15	expansion	expansion	NOUN
fbem-29346	82	16	,	,	PUNCT
fbem-29346	82	17	increasing	increase	VERB
fbem-29346	82	18	its	its	PRON
fbem-29346	82	19	land	land	NOUN
fbem-29346	82	20	reserves	reserve	NOUN
fbem-29346	82	21	in	in	ADP
fbem-29346	82	22	third	third	ADJ
fbem-29346	82	23	and	and	CCONJ
fbem-29346	82	24	fourth	fourth	ADJ
fbem-29346	82	25	tier	tier	NOUN
fbem-29346	82	26	cities	city	NOUN
fbem-29346	82	27	and	and	CCONJ
fbem-29346	82	28	acquiring	acquire	VERB
fbem-29346	82	29	a	a	DET
fbem-29346	82	30	large	large	ADJ
fbem-29346	82	31	amount	amount	NOUN
fbem-29346	82	32	of	of	ADP
fbem-29346	82	33	commercial	commercial	ADJ
fbem-29346	82	34	real	real	ADJ
fbem-29346	82	35	estate	estate	NOUN
fbem-29346	82	36	.	.	PUNCT
fbem-29346	83	1	this	this	PRON
fbem-29346	83	2	indicates	indicate	VERB
fbem-29346	83	3	that	that	SCONJ
fbem-29346	83	4	the	the	DET
fbem-29346	83	5	company	company	NOUN
fbem-29346	83	6	's	's	PART
fbem-29346	83	7	short	short	ADJ
fbem-29346	83	8	-	-	PUNCT
fbem-29346	83	9	term	term	NOUN
fbem-29346	83	10	solvency	solvency	NOUN
fbem-29346	83	11	is	be	AUX
fbem-29346	83	12	continuously	continuously	ADV
fbem-29346	83	13	weakening	weaken	VERB
fbem-29346	83	14	.	.	PUNCT
fbem-29346	84	1	from	from	ADP
fbem-29346	84	2	a	a	DET
fbem-29346	84	3	horizontal	horizontal	ADJ
fbem-29346	84	4	comparison	comparison	NOUN
fbem-29346	84	5	,	,	PUNCT
fbem-29346	84	6	these	these	DET
fbem-29346	84	7	two	two	NUM
fbem-29346	84	8	short	short	ADJ
fbem-29346	84	9	-	-	PUNCT
fbem-29346	84	10	term	term	NOUN
fbem-29346	84	11	debt	debt	NOUN
fbem-29346	84	12	repayment	repayment	NOUN
fbem-29346	84	13	ability	ability	NOUN
fbem-29346	84	14	indicators	indicator	NOUN
fbem-29346	84	15	have	have	AUX
fbem-29346	84	16	been	be	AUX
fbem-29346	84	17	lower	low	ADJ
fbem-29346	84	18	than	than	ADP
fbem-29346	84	19	the	the	DET
fbem-29346	84	20	average	average	NOUN
fbem-29346	84	21	of	of	ADP
fbem-29346	84	22	the	the	DET
fbem-29346	84	23	control	control	NOUN
fbem-29346	84	24	group	group	NOUN
fbem-29346	84	25	for	for	ADP
fbem-29346	84	26	many	many	ADJ
fbem-29346	84	27	years	year	NOUN
fbem-29346	84	28	after	after	ADP
fbem-29346	84	29	2018	2018	NUM
fbem-29346	84	30	,	,	PUNCT
fbem-29346	84	31	indicating	indicate	VERB
fbem-29346	84	32	that	that	SCONJ
fbem-29346	84	33	baolong	baolong	ADJ
fbem-29346	84	34	real	real	ADJ
fbem-29346	84	35	estate	estate	NOUN
fbem-29346	84	36	's	's	PART
fbem-29346	84	37	short	short	ADJ
fbem-29346	84	38	-	-	PUNCT
fbem-29346	84	39	term	term	NOUN
fbem-29346	84	40	debt	debt	NOUN
fbem-29346	84	41	ratio	ratio	NOUN
fbem-29346	84	42	is	be	AUX
fbem-29346	84	43	too	too	ADV
fbem-29346	84	44	high	high	ADJ
fbem-29346	84	45	,	,	PUNCT
fbem-29346	84	46	laying	lay	VERB
fbem-29346	84	47	hidden	hide	VERB
fbem-29346	84	48	dangers	danger	NOUN
fbem-29346	84	49	for	for	ADP
fbem-29346	84	50	future	future	ADJ
fbem-29346	84	51	defaults	default	NOUN
fbem-29346	84	52	.	.	PUNCT
fbem-29346	85	1	the	the	DET
fbem-29346	85	2	asset	asset	NOUN
fbem-29346	85	3	liability	liability	NOUN
fbem-29346	85	4	ratio	ratio	NOUN
fbem-29346	85	5	is	be	AUX
fbem-29346	85	6	an	an	DET
fbem-29346	85	7	indicator	indicator	NOUN
fbem-29346	85	8	that	that	PRON
fbem-29346	85	9	measures	measure	VERB
fbem-29346	85	10	a	a	DET
fbem-29346	85	11	company	company	NOUN
fbem-29346	85	12	's	's	PART
fbem-29346	85	13	long	long	ADJ
fbem-29346	85	14	-	-	PUNCT
fbem-29346	85	15	term	term	NOUN
fbem-29346	85	16	debt	debt	NOUN
fbem-29346	85	17	paying	pay	VERB
fbem-29346	85	18	ability	ability	NOUN
fbem-29346	85	19	.	.	PUNCT
fbem-29346	86	1	the	the	PRON
fbem-29346	86	2	higher	high	ADJ
fbem-29346	86	3	the	the	DET
fbem-29346	86	4	indicator	indicator	NOUN
fbem-29346	86	5	,	,	PUNCT
fbem-29346	86	6	the	the	PRON
fbem-29346	86	7	lower	low	ADJ
fbem-29346	86	8	the	the	DET
fbem-29346	86	9	company	company	NOUN
fbem-29346	86	10	's	's	PART
fbem-29346	86	11	long	long	ADJ
fbem-29346	86	12	-	-	PUNCT
fbem-29346	86	13	term	term	NOUN
fbem-29346	86	14	debt	debt	NOUN
fbem-29346	86	15	paying	pay	VERB
fbem-29346	86	16	ability	ability	NOUN
fbem-29346	86	17	.	.	PUNCT
fbem-29346	87	1	from	from	ADP
fbem-29346	87	2	table	table	NOUN
fbem-29346	87	3	2	2	NUM
fbem-29346	87	4	,	,	PUNCT
fbem-29346	87	5	it	it	PRON
fbem-29346	87	6	can	can	AUX
fbem-29346	87	7	be	be	AUX
fbem-29346	87	8	seen	see	VERB
fbem-29346	87	9	that	that	SCONJ
fbem-29346	87	10	the	the	DET
fbem-29346	87	11	asset	asset	NOUN
fbem-29346	87	12	liability	liability	NOUN
fbem-29346	87	13	ratio	ratio	NOUN
fbem-29346	87	14	of	of	ADP
fbem-29346	87	15	baolong	baolong	ADJ
fbem-29346	87	16	real	real	ADJ
fbem-29346	87	17	estate	estate	NOUN
fbem-29346	87	18	has	have	AUX
fbem-29346	87	19	been	be	AUX
fbem-29346	87	20	on	on	ADP
fbem-29346	87	21	an	an	DET
fbem-29346	87	22	overall	overall	ADJ
fbem-29346	87	23	upward	upward	ADJ
fbem-29346	87	24	trend	trend	NOUN
fbem-29346	87	25	since	since	SCONJ
fbem-29346	87	26	2015	2015	NUM
fbem-29346	87	27	,	,	PUNCT
fbem-29346	87	28	and	and	CCONJ
fbem-29346	87	29	has	have	AUX
fbem-29346	87	30	been	be	AUX
fbem-29346	87	31	declining	decline	VERB
fbem-29346	87	32	since	since	SCONJ
fbem-29346	87	33	2020	2020	NUM
fbem-29346	87	34	mainly	mainly	ADV
fbem-29346	87	35	due	due	ADP
fbem-29346	87	36	to	to	ADP
fbem-29346	87	37	the	the	DET
fbem-29346	87	38	impact	impact	NOUN
fbem-29346	87	39	of	of	ADP
fbem-29346	87	40	the	the	DET
fbem-29346	87	41	"	"	PUNCT
fbem-29346	87	42	three	three	NUM
fbem-29346	87	43	red	red	ADJ
fbem-29346	87	44	lines	line	NOUN
fbem-29346	87	45	"	"	PUNCT
fbem-29346	87	46	policy	policy	NOUN
fbem-29346	87	47	,	,	PUNCT
fbem-29346	87	48	forcing	force	VERB
fbem-29346	87	49	it	it	PRON
fbem-29346	87	50	to	to	PART
fbem-29346	87	51	actively	actively	ADV
fbem-29346	87	52	deleverage	deleverage	VERB
fbem-29346	87	53	.	.	PUNCT
fbem-29346	88	1	compared	compare	VERB
fbem-29346	88	2	with	with	ADP
fbem-29346	88	3	the	the	DET
fbem-29346	88	4	average	average	NOUN
fbem-29346	88	5	of	of	ADP
fbem-29346	88	6	the	the	DET
fbem-29346	88	7	control	control	NOUN
fbem-29346	88	8	group	group	NOUN
fbem-29346	88	9	,	,	PUNCT
fbem-29346	88	10	the	the	DET
fbem-29346	88	11	asset	asset	NOUN
fbem-29346	88	12	liability	liability	NOUN
fbem-29346	88	13	ratio	ratio	NOUN
fbem-29346	88	14	of	of	ADP
fbem-29346	88	15	baolong	baolong	ADJ
fbem-29346	88	16	real	real	ADJ
fbem-29346	88	17	estate	estate	NOUN
fbem-29346	88	18	has	have	AUX
fbem-29346	88	19	been	be	AUX
fbem-29346	88	20	higher	high	ADJ
fbem-29346	88	21	than	than	ADP
fbem-29346	88	22	that	that	PRON
fbem-29346	88	23	of	of	ADP
fbem-29346	88	24	the	the	DET
fbem-29346	88	25	control	control	NOUN
fbem-29346	88	26	group	group	NOUN
fbem-29346	88	27	for	for	ADP
fbem-29346	88	28	many	many	ADJ
fbem-29346	88	29	years	year	NOUN
fbem-29346	88	30	,	,	PUNCT
fbem-29346	88	31	indicating	indicate	VERB
fbem-29346	88	32	that	that	SCONJ
fbem-29346	88	33	its	its	PRON
fbem-29346	88	34	financial	financial	ADJ
fbem-29346	88	35	leverage	leverage	NOUN
fbem-29346	88	36	is	be	AUX
fbem-29346	88	37	at	at	ADP
fbem-29346	88	38	a	a	DET
fbem-29346	88	39	relatively	relatively	ADV
fbem-29346	88	40	high	high	ADJ
fbem-29346	88	41	level	level	NOUN
fbem-29346	88	42	in	in	ADP
fbem-29346	88	43	the	the	DET
fbem-29346	88	44	industry	industry	NOUN
fbem-29346	88	45	and	and	CCONJ
fbem-29346	88	46	its	its	PRON
fbem-29346	88	47	long	long	ADJ
fbem-29346	88	48	-	-	PUNCT
fbem-29346	88	49	term	term	NOUN
fbem-29346	88	50	debt	debt	NOUN
fbem-29346	88	51	paying	pay	VERB
fbem-29346	88	52	ability	ability	NOUN
fbem-29346	88	53	is	be	AUX
fbem-29346	88	54	poor	poor	ADJ
fbem-29346	88	55	.	.	PUNCT
fbem-29346	89	1	table	table	NOUN
fbem-29346	89	2	3	3	NUM
fbem-29346	89	3	.	.	PUNCT
fbem-29346	90	1	financing	financing	NOUN
fbem-29346	90	2	costs	cost	NOUN
fbem-29346	90	3	and	and	CCONJ
fbem-29346	90	4	net	net	ADJ
fbem-29346	90	5	profit	profit	NOUN
fbem-29346	90	6	of	of	ADP
fbem-29346	90	7	baolong	baolong	ADJ
fbem-29346	90	8	real	real	ADJ
fbem-29346	90	9	estate	estate	NOUN
fbem-29346	90	10	particular	particular	ADJ
fbem-29346	90	11	year	year	NOUN
fbem-29346	90	12	financing	financing	NOUN
fbem-29346	90	13	cost	cost	NOUN
fbem-29346	90	14	(	(	PUNCT
fbem-29346	90	15	in	in	ADP
fbem-29346	90	16	billions	billion	NOUN
fbem-29346	90	17	of	of	ADP
fbem-29346	90	18	yuan	yuan	NOUN
fbem-29346	90	19	)	)	PUNCT
fbem-29346	90	20	net	net	ADJ
fbem-29346	90	21	profit	profit	NOUN
fbem-29346	90	22	(	(	PUNCT
fbem-29346	90	23	in	in	ADP
fbem-29346	90	24	billions	billion	NOUN
fbem-29346	90	25	of	of	ADP
fbem-29346	90	26	yuan	yuan	NOUN
fbem-29346	90	27	)	)	PUNCT
fbem-29346	90	28	financing	financing	NOUN
fbem-29346	90	29	cost	cost	NOUN
fbem-29346	90	30	/	/	SYM
fbem-29346	90	31	net	net	ADJ
fbem-29346	90	32	profit	profit	NOUN
fbem-29346	90	33	(	(	PUNCT
fbem-29346	90	34	%	%	INTJ
fbem-29346	90	35	)	)	PUNCT
fbem-29346	90	36	2012	2012	NUM
fbem-29346	90	37	15.02	15.02	NUM
fbem-29346	90	38	56.59	56.59	NUM
fbem-29346	90	39	26.53	26.53	NUM
fbem-29346	90	40	2013	2013	NUM
fbem-29346	90	41	19.34	19.34	NUM
fbem-29346	90	42	76.46	76.46	NUM
fbem-29346	90	43	25.29	25.29	NUM
fbem-29346	90	44	2014	2014	NUM
fbem-29346	90	45	12.16	12.16	NUM
fbem-29346	90	46	65.06	65.06	NUM
fbem-29346	90	47	18.69	18.69	NUM
fbem-29346	90	48	2015	2015	NUM
fbem-29346	90	49	21.54	21.54	NUM
fbem-29346	90	50	67.12	67.12	NUM
fbem-29346	90	51	32.09	32.09	NUM
fbem-29346	90	52	2016	2016	NUM
fbem-29346	90	53	23.67	23.67	NUM
fbem-29346	90	54	70.56	70.56	NUM
fbem-29346	90	55	33.55	33.55	NUM
fbem-29346	90	56	2017	2017	NUM
fbem-29346	90	57	16.73	16.73	NUM
fbem-29346	90	58	214.24	214.24	NUM
fbem-29346	90	59	7.81	7.81	NUM
fbem-29346	90	60	2018	2018	NUM
fbem-29346	90	61	52.12	52.12	NUM
fbem-29346	90	62	87.28	87.28	NUM
fbem-29346	90	63	59.72	59.72	NUM
fbem-29346	90	64	2019	2019	NUM
fbem-29346	90	65	56.00	56.00	NUM
fbem-29346	90	66	100.93	100.93	NUM
fbem-29346	90	67	55.48	55.48	NUM
fbem-29346	90	68	2020	2020	NUM
fbem-29346	90	69	24.09	24.09	NUM
fbem-29346	90	70	91.46	91.46	NUM
fbem-29346	90	71	26.34	26.34	NUM
fbem-29346	90	72	2021	2021	NUM
fbem-29346	90	73	41.65	41.65	NUM
fbem-29346	90	74	-163.53	-163.53	PROPN
fbem-29346	90	75	-25.47	-25.47	PROPN
fbem-29346	90	76	2022	2022	NUM
fbem-29346	90	77	97.27	97.27	NUM
fbem-29346	90	78	-157.79	-157.79	NOUN
fbem-29346	90	79	-61.65	-61.65	ADP
fbem-29346	90	80	the	the	DET
fbem-29346	90	81	expansion	expansion	NOUN
fbem-29346	90	82	of	of	ADP
fbem-29346	90	83	interest	interest	NOUN
fbem-29346	90	84	bearing	bear	VERB
fbem-29346	90	85	liabilities	liability	NOUN
fbem-29346	90	86	also	also	ADV
fbem-29346	90	87	brings	bring	VERB
fbem-29346	90	88	about	about	ADP
fbem-29346	90	89	an	an	DET
fbem-29346	90	90	increase	increase	NOUN
fbem-29346	90	91	in	in	ADP
fbem-29346	90	92	financing	financing	NOUN
fbem-29346	90	93	costs	cost	NOUN
fbem-29346	90	94	,	,	PUNCT
fbem-29346	90	95	constantly	constantly	ADV
fbem-29346	90	96	eroding	erode	VERB
fbem-29346	90	97	the	the	DET
fbem-29346	90	98	company	company	NOUN
fbem-29346	90	99	's	's	PART
fbem-29346	90	100	profits	profit	NOUN
fbem-29346	90	101	.	.	PUNCT
fbem-29346	91	1	the	the	DET
fbem-29346	91	2	proportion	proportion	NOUN
fbem-29346	91	3	of	of	ADP
fbem-29346	91	4	financing	financing	NOUN
fbem-29346	91	5	costs	cost	NOUN
fbem-29346	91	6	to	to	ADP
fbem-29346	91	7	net	net	ADJ
fbem-29346	91	8	profit	profit	NOUN
fbem-29346	91	9	of	of	ADP
fbem-29346	91	10	baolong	baolong	ADJ
fbem-29346	91	11	real	real	ADJ
fbem-29346	91	12	estate	estate	NOUN
fbem-29346	91	13	is	be	AUX
fbem-29346	91	14	on	on	ADP
fbem-29346	91	15	a	a	DET
fbem-29346	91	16	fluctuating	fluctuate	VERB
fbem-29346	91	17	upward	upward	ADJ
fbem-29346	91	18	trend	trend	NOUN
fbem-29346	91	19	,	,	PUNCT
fbem-29346	91	20	with	with	ADP
fbem-29346	91	21	a	a	DET
fbem-29346	91	22	relatively	relatively	ADV
fbem-29346	91	23	small	small	ADJ
fbem-29346	91	24	proportion	proportion	NOUN
fbem-29346	91	25	in	in	ADP
fbem-29346	91	26	2017	2017	NUM
fbem-29346	91	27	.	.	PUNCT
fbem-29346	92	1	this	this	PRON
fbem-29346	92	2	is	be	AUX
fbem-29346	92	3	mainly	mainly	ADV
fbem-29346	92	4	due	due	ADJ
fbem-29346	92	5	to	to	ADP
fbem-29346	92	6	the	the	DET
fbem-29346	92	7	non	non	ADJ
fbem-29346	92	8	recurring	recur	VERB
fbem-29346	92	9	gains	gain	NOUN
fbem-29346	92	10	and	and	CCONJ
fbem-29346	92	11	losses	loss	NOUN
fbem-29346	92	12	brought	bring	VERB
fbem-29346	92	13	about	about	ADP
fbem-29346	92	14	by	by	ADP
fbem-29346	92	15	the	the	DET
fbem-29346	92	16	acquisition	acquisition	NOUN
fbem-29346	92	17	of	of	ADP
fbem-29346	92	18	wanda	wanda	PROPN
fbem-29346	92	19	hotels	hotel	NOUN
fbem-29346	92	20	in	in	ADP
fbem-29346	92	21	2017	2017	NUM
fbem-29346	92	22	,	,	PUNCT
fbem-29346	92	23	which	which	PRON
fbem-29346	92	24	increased	increase	VERB
fbem-29346	92	25	net	net	ADJ
fbem-29346	92	26	profit	profit	NOUN
fbem-29346	92	27	.	.	PUNCT
fbem-29346	93	1	if	if	SCONJ
fbem-29346	93	2	this	this	DET
fbem-29346	93	3	part	part	NOUN
fbem-29346	93	4	is	be	AUX
fbem-29346	93	5	deducted	deduct	VERB
fbem-29346	93	6	,	,	PUNCT
fbem-29346	93	7	the	the	DET
fbem-29346	93	8	proportion	proportion	NOUN
fbem-29346	93	9	of	of	ADP
fbem-29346	93	10	financing	financing	NOUN
fbem-29346	93	11	costs	cost	NOUN
fbem-29346	93	12	to	to	ADP
fbem-29346	93	13	net	net	ADJ
fbem-29346	93	14	profit	profit	NOUN
fbem-29346	93	15	has	have	AUX
fbem-29346	93	16	reached	reach	VERB
fbem-29346	93	17	20	20	NUM
fbem-29346	93	18	%	%	NOUN
fbem-29346	93	19	.	.	PUNCT
fbem-29346	94	1	even	even	ADV
fbem-29346	94	2	reaching	reach	VERB
fbem-29346	94	3	over	over	ADP
fbem-29346	94	4	50	50	NUM
fbem-29346	94	5	%	%	NOUN
fbem-29346	94	6	at	at	ADP
fbem-29346	94	7	one	one	NUM
fbem-29346	94	8	point	point	NOUN
fbem-29346	94	9	,	,	PUNCT
fbem-29346	94	10	it	it	PRON
fbem-29346	94	11	indicates	indicate	VERB
fbem-29346	94	12	that	that	SCONJ
fbem-29346	94	13	the	the	DET
fbem-29346	94	14	company	company	NOUN
fbem-29346	94	15	's	's	PART
fbem-29346	94	16	financing	financing	NOUN
fbem-29346	94	17	costs	cost	NOUN
fbem-29346	94	18	are	be	AUX
fbem-29346	94	19	too	too	ADV
fbem-29346	94	20	high	high	ADJ
fbem-29346	94	21	,	,	PUNCT
fbem-29346	94	22	eroding	erode	VERB
fbem-29346	94	23	net	net	ADJ
fbem-29346	94	24	profits	profit	NOUN
fbem-29346	94	25	and	and	CCONJ
fbem-29346	94	26	further	far	ADV
fbem-29346	94	27	weakening	weaken	VERB
fbem-29346	94	28	the	the	DET
fbem-29346	94	29	company	company	NOUN
fbem-29346	94	30	's	's	PART
fbem-29346	94	31	internal	internal	ADJ
fbem-29346	94	32	financing	financing	NOUN
fbem-29346	94	33	capabilities	capability	NOUN
fbem-29346	94	34	.	.	PUNCT
fbem-29346	95	1	in	in	ADP
fbem-29346	95	2	addition	addition	NOUN
fbem-29346	95	3	,	,	PUNCT
fbem-29346	95	4	there	there	PRON
fbem-29346	95	5	is	be	VERB
fbem-29346	95	6	also	also	ADV
fbem-29346	95	7	a	a	DET
fbem-29346	95	8	mismatch	mismatch	NOUN
fbem-29346	95	9	in	in	ADP
fbem-29346	95	10	the	the	DET
fbem-29346	95	11	maturity	maturity	NOUN
fbem-29346	95	12	228	228	NUM
fbem-29346	95	13	structure	structure	NOUN
fbem-29346	95	14	of	of	ADP
fbem-29346	95	15	the	the	DET
fbem-29346	95	16	company	company	NOUN
fbem-29346	95	17	's	's	PART
fbem-29346	95	18	debt	debt	NOUN
fbem-29346	95	19	.	.	PUNCT
fbem-29346	96	1	the	the	DET
fbem-29346	96	2	debt	debt	NOUN
fbem-29346	96	3	maturity	maturity	NOUN
fbem-29346	96	4	structure	structure	NOUN
fbem-29346	96	5	is	be	AUX
fbem-29346	96	6	usually	usually	ADV
fbem-29346	96	7	expressed	express	VERB
fbem-29346	96	8	as	as	ADP
fbem-29346	96	9	the	the	DET
fbem-29346	96	10	percentage	percentage	NOUN
fbem-29346	96	11	of	of	ADP
fbem-29346	96	12	long	long	ADJ
fbem-29346	96	13	-	-	PUNCT
fbem-29346	96	14	term	term	NOUN
fbem-29346	96	15	liabilities	liability	NOUN
fbem-29346	96	16	to	to	PART
fbem-29346	96	17	total	total	ADJ
fbem-29346	96	18	liabilities	liability	NOUN
fbem-29346	96	19	,	,	PUNCT
fbem-29346	96	20	and	and	CCONJ
fbem-29346	96	21	the	the	DET
fbem-29346	96	22	lower	low	ADJ
fbem-29346	96	23	the	the	DET
fbem-29346	96	24	ratio	ratio	NOUN
fbem-29346	96	25	,	,	PUNCT
fbem-29346	96	26	the	the	PRON
fbem-29346	96	27	more	more	ADV
fbem-29346	96	28	inclined	inclined	ADJ
fbem-29346	96	29	the	the	DET
fbem-29346	96	30	company	company	NOUN
fbem-29346	96	31	is	be	AUX
fbem-29346	96	32	towards	towards	ADP
fbem-29346	96	33	short	short	ADJ
fbem-29346	96	34	-	-	PUNCT
fbem-29346	96	35	term	term	NOUN
fbem-29346	96	36	debt	debt	NOUN
fbem-29346	96	37	financing	financing	NOUN
fbem-29346	96	38	.	.	PUNCT
fbem-29346	97	1	the	the	DET
fbem-29346	97	2	asset	asset	NOUN
fbem-29346	97	3	maturity	maturity	NOUN
fbem-29346	97	4	structure	structure	NOUN
fbem-29346	97	5	is	be	AUX
fbem-29346	97	6	usually	usually	ADV
fbem-29346	97	7	represented	represent	VERB
fbem-29346	97	8	by	by	ADP
fbem-29346	97	9	the	the	DET
fbem-29346	97	10	proportion	proportion	NOUN
fbem-29346	97	11	of	of	ADP
fbem-29346	97	12	fixed	fix	VERB
fbem-29346	97	13	assets	asset	NOUN
fbem-29346	97	14	to	to	ADP
fbem-29346	97	15	total	total	ADJ
fbem-29346	97	16	assets	asset	NOUN
fbem-29346	97	17	,	,	PUNCT
fbem-29346	97	18	and	and	CCONJ
fbem-29346	97	19	a	a	DET
fbem-29346	97	20	higher	high	ADJ
fbem-29346	97	21	proportion	proportion	NOUN
fbem-29346	97	22	indicates	indicate	VERB
fbem-29346	97	23	that	that	SCONJ
fbem-29346	97	24	the	the	DET
fbem-29346	97	25	company	company	NOUN
fbem-29346	97	26	is	be	AUX
fbem-29346	97	27	increasingly	increasingly	ADV
fbem-29346	97	28	inclined	inclined	ADJ
fbem-29346	97	29	towards	towards	ADP
fbem-29346	97	30	long	long	ADJ
fbem-29346	97	31	-	-	PUNCT
fbem-29346	97	32	term	term	NOUN
fbem-29346	97	33	investment	investment	NOUN
fbem-29346	97	34	.	.	PUNCT
fbem-29346	98	1	the	the	DET
fbem-29346	98	2	company	company	NOUN
fbem-29346	98	3	's	's	PART
fbem-29346	98	4	debt	debt	NOUN
fbem-29346	98	5	maturity	maturity	NOUN
fbem-29346	98	6	has	have	AUX
fbem-29346	98	7	been	be	AUX
fbem-29346	98	8	continuously	continuously	ADV
fbem-29346	98	9	decreasing	decrease	VERB
fbem-29346	98	10	since	since	SCONJ
fbem-29346	98	11	2016	2016	NUM
fbem-29346	98	12	,	,	PUNCT
fbem-29346	98	13	indicating	indicate	VERB
fbem-29346	98	14	that	that	SCONJ
fbem-29346	98	15	the	the	DET
fbem-29346	98	16	company	company	NOUN
fbem-29346	98	17	's	's	PART
fbem-29346	98	18	short	short	ADJ
fbem-29346	98	19	-	-	PUNCT
fbem-29346	98	20	term	term	NOUN
fbem-29346	98	21	debt	debt	NOUN
fbem-29346	98	22	financing	financing	NOUN
fbem-29346	98	23	is	be	AUX
fbem-29346	98	24	increasing	increase	VERB
fbem-29346	98	25	.	.	PUNCT
fbem-29346	99	1	however	however	ADV
fbem-29346	99	2	,	,	PUNCT
fbem-29346	99	3	the	the	DET
fbem-29346	99	4	overall	overall	ADJ
fbem-29346	99	5	asset	asset	NOUN
fbem-29346	99	6	maturity	maturity	NOUN
fbem-29346	99	7	has	have	AUX
fbem-29346	99	8	steadily	steadily	ADV
fbem-29346	99	9	increased	increase	VERB
fbem-29346	99	10	since	since	SCONJ
fbem-29346	99	11	2016	2016	NUM
fbem-29346	99	12	.	.	PUNCT
fbem-29346	100	1	the	the	DET
fbem-29346	100	2	reverse	reverse	ADJ
fbem-29346	100	3	trend	trend	NOUN
fbem-29346	100	4	of	of	ADP
fbem-29346	100	5	the	the	DET
fbem-29346	100	6	two	two	NUM
fbem-29346	100	7	in	in	ADP
fbem-29346	100	8	the	the	DET
fbem-29346	100	9	later	later	ADJ
fbem-29346	100	10	stage	stage	NOUN
fbem-29346	100	11	indicates	indicate	VERB
fbem-29346	100	12	that	that	SCONJ
fbem-29346	100	13	baolong	baolong	ADJ
fbem-29346	100	14	real	real	ADJ
fbem-29346	100	15	estate	estate	NOUN
fbem-29346	100	16	is	be	AUX
fbem-29346	100	17	increasingly	increasingly	ADV
fbem-29346	100	18	relying	rely	VERB
fbem-29346	100	19	on	on	ADP
fbem-29346	100	20	short	short	ADJ
fbem-29346	100	21	-	-	PUNCT
fbem-29346	100	22	term	term	NOUN
fbem-29346	100	23	financing	financing	NOUN
fbem-29346	100	24	for	for	ADP
fbem-29346	100	25	long	long	ADJ
fbem-29346	100	26	-	-	PUNCT
fbem-29346	100	27	term	term	NOUN
fbem-29346	100	28	investment	investment	NOUN
fbem-29346	100	29	.	.	PUNCT
fbem-29346	101	1	in	in	ADP
fbem-29346	101	2	summary	summary	NOUN
fbem-29346	101	3	,	,	PUNCT
fbem-29346	101	4	in	in	ADP
fbem-29346	101	5	terms	term	NOUN
fbem-29346	101	6	of	of	ADP
fbem-29346	101	7	debt	debt	NOUN
fbem-29346	101	8	size	size	NOUN
fbem-29346	101	9	,	,	PUNCT
fbem-29346	101	10	baolong	baolong	ADJ
fbem-29346	101	11	real	real	ADJ
fbem-29346	101	12	estate	estate	NOUN
fbem-29346	101	13	's	's	PART
fbem-29346	101	14	excessive	excessive	ADJ
fbem-29346	101	15	financial	financial	ADJ
fbem-29346	101	16	leverage	leverage	NOUN
fbem-29346	101	17	has	have	AUX
fbem-29346	101	18	increased	increase	VERB
fbem-29346	101	19	the	the	DET
fbem-29346	101	20	company	company	NOUN
fbem-29346	101	21	's	's	PART
fbem-29346	101	22	default	default	NOUN
fbem-29346	101	23	risk	risk	NOUN
fbem-29346	101	24	,	,	PUNCT
fbem-29346	101	25	and	and	CCONJ
fbem-29346	101	26	in	in	ADP
fbem-29346	101	27	terms	term	NOUN
fbem-29346	101	28	of	of	ADP
fbem-29346	101	29	debt	debt	NOUN
fbem-29346	101	30	structure	structure	NOUN
fbem-29346	101	31	,	,	PUNCT
fbem-29346	101	32	it	it	PRON
fbem-29346	101	33	tends	tend	VERB
fbem-29346	101	34	to	to	PART
fbem-29346	101	35	lean	lean	VERB
fbem-29346	101	36	towards	towards	ADP
fbem-29346	101	37	short	short	ADJ
fbem-29346	101	38	-	-	PUNCT
fbem-29346	101	39	term	term	NOUN
fbem-29346	101	40	debt	debt	NOUN
fbem-29346	101	41	financing	financing	NOUN
fbem-29346	101	42	,	,	PUNCT
fbem-29346	101	43	resulting	result	VERB
fbem-29346	101	44	in	in	ADP
fbem-29346	101	45	a	a	DET
fbem-29346	101	46	mismatch	mismatch	NOUN
fbem-29346	101	47	between	between	ADP
fbem-29346	101	48	debt	debt	NOUN
fbem-29346	101	49	maturity	maturity	NOUN
fbem-29346	101	50	and	and	CCONJ
fbem-29346	101	51	asset	asset	NOUN
fbem-29346	101	52	maturity	maturity	NOUN
fbem-29346	101	53	.	.	PUNCT
fbem-29346	102	1	after	after	ADP
fbem-29346	102	2	2019	2019	NUM
fbem-29346	102	3	,	,	PUNCT
fbem-29346	102	4	the	the	DET
fbem-29346	102	5	company	company	NOUN
fbem-29346	102	6	entered	enter	VERB
fbem-29346	102	7	a	a	DET
fbem-29346	102	8	period	period	NOUN
fbem-29346	102	9	of	of	ADP
fbem-29346	102	10	concentrated	concentrate	VERB
fbem-29346	102	11	debt	debt	NOUN
fbem-29346	102	12	repayment	repayment	NOUN
fbem-29346	102	13	,	,	PUNCT
fbem-29346	102	14	highlighting	highlight	VERB
fbem-29346	102	15	liquidity	liquidity	NOUN
fbem-29346	102	16	risks	risk	NOUN
fbem-29346	102	17	.	.	PUNCT
fbem-29346	103	1	after	after	ADP
fbem-29346	103	2	2020	2020	NUM
fbem-29346	103	3	,	,	PUNCT
fbem-29346	103	4	the	the	DET
fbem-29346	103	5	external	external	ADJ
fbem-29346	103	6	financing	financing	NOUN
fbem-29346	103	7	environment	environment	NOUN
fbem-29346	103	8	continued	continue	VERB
fbem-29346	103	9	to	to	PART
fbem-29346	103	10	tighten	tighten	VERB
fbem-29346	103	11	,	,	PUNCT
fbem-29346	103	12	ultimately	ultimately	ADV
fbem-29346	103	13	leading	lead	VERB
fbem-29346	103	14	to	to	ADP
fbem-29346	103	15	bond	bond	NOUN
fbem-29346	103	16	defaults	default	NOUN
fbem-29346	103	17	.	.	PUNCT
fbem-29346	104	1	3	3	X
fbem-29346	104	2	.	.	X
fbem-29346	104	3	conclusion	conclusion	NOUN
fbem-29346	104	4	the	the	DET
fbem-29346	104	5	fundamental	fundamental	ADJ
fbem-29346	104	6	reasons	reason	NOUN
fbem-29346	104	7	for	for	ADP
fbem-29346	104	8	baolong	baolong	ADJ
fbem-29346	104	9	real	real	ADJ
fbem-29346	104	10	estate	estate	NOUN
fbem-29346	104	11	's	's	PART
fbem-29346	104	12	default	default	NOUN
fbem-29346	104	13	are	be	AUX
fbem-29346	104	14	the	the	DET
fbem-29346	104	15	mistakes	mistake	NOUN
fbem-29346	104	16	in	in	ADP
fbem-29346	104	17	its	its	PRON
fbem-29346	104	18	business	business	NOUN
fbem-29346	104	19	strategy	strategy	NOUN
fbem-29346	104	20	and	and	CCONJ
fbem-29346	104	21	neglect	neglect	NOUN
fbem-29346	104	22	of	of	ADP
fbem-29346	104	23	debt	debt	NOUN
fbem-29346	104	24	management	management	NOUN
fbem-29346	104	25	.	.	PUNCT
fbem-29346	105	1	firstly	firstly	ADV
fbem-29346	105	2	,	,	PUNCT
fbem-29346	105	3	in	in	ADP
fbem-29346	105	4	terms	term	NOUN
fbem-29346	105	5	of	of	ADP
fbem-29346	105	6	business	business	NOUN
fbem-29346	105	7	strategy	strategy	NOUN
fbem-29346	105	8	mistakes	mistake	NOUN
fbem-29346	105	9	,	,	PUNCT
fbem-29346	105	10	firstly	firstly	ADV
fbem-29346	105	11	,	,	PUNCT
fbem-29346	105	12	heavy	heavy	ADJ
fbem-29346	105	13	holdings	holding	NOUN
fbem-29346	105	14	in	in	ADP
fbem-29346	105	15	third	third	ADJ
fbem-29346	105	16	and	and	CCONJ
fbem-29346	105	17	fourth	fourth	ADJ
fbem-29346	105	18	tier	tier	NOUN
fbem-29346	105	19	cities	city	NOUN
fbem-29346	105	20	have	have	AUX
fbem-29346	105	21	led	lead	VERB
fbem-29346	105	22	to	to	ADP
fbem-29346	105	23	the	the	DET
fbem-29346	105	24	gradual	gradual	ADJ
fbem-29346	105	25	sinking	sinking	NOUN
fbem-29346	105	26	of	of	ADP
fbem-29346	105	27	land	land	NOUN
fbem-29346	105	28	reserves	reserve	NOUN
fbem-29346	105	29	towards	towards	ADP
fbem-29346	105	30	these	these	DET
fbem-29346	105	31	cities	city	NOUN
fbem-29346	105	32	.	.	PUNCT
fbem-29346	106	1	however	however	ADV
fbem-29346	106	2	,	,	PUNCT
fbem-29346	106	3	from	from	ADP
fbem-29346	106	4	the	the	DET
fbem-29346	106	5	actual	actual	ADJ
fbem-29346	106	6	sales	sale	NOUN
fbem-29346	106	7	situation	situation	NOUN
fbem-29346	106	8	,	,	PUNCT
fbem-29346	106	9	the	the	DET
fbem-29346	106	10	sales	sale	NOUN
fbem-29346	106	11	of	of	ADP
fbem-29346	106	12	first	first	ADJ
fbem-29346	106	13	and	and	CCONJ
fbem-29346	106	14	second	second	ADJ
fbem-29346	106	15	tier	tier	NOUN
fbem-29346	106	16	real	real	ADJ
fbem-29346	106	17	estate	estate	NOUN
fbem-29346	106	18	markets	market	NOUN
fbem-29346	106	19	have	have	AUX
fbem-29346	106	20	always	always	ADV
fbem-29346	106	21	been	be	AUX
fbem-29346	106	22	hotter	hot	ADJ
fbem-29346	106	23	than	than	ADP
fbem-29346	106	24	those	those	PRON
fbem-29346	106	25	of	of	ADP
fbem-29346	106	26	third	third	ADJ
fbem-29346	106	27	and	and	CCONJ
fbem-29346	106	28	fourth	fourth	ADJ
fbem-29346	106	29	tier	tier	NOUN
fbem-29346	106	30	real	real	ADJ
fbem-29346	106	31	estate	estate	NOUN
fbem-29346	106	32	markets	market	NOUN
fbem-29346	106	33	,	,	PUNCT
fbem-29346	106	34	especially	especially	ADV
fbem-29346	106	35	after	after	ADP
fbem-29346	106	36	the	the	DET
fbem-29346	106	37	tightening	tightening	NOUN
fbem-29346	106	38	of	of	ADP
fbem-29346	106	39	"	"	PUNCT
fbem-29346	106	40	shantytown	shantytown	ADJ
fbem-29346	106	41	monetization	monetization	NOUN
fbem-29346	106	42	"	"	PUNCT
fbem-29346	106	43	in	in	ADP
fbem-29346	106	44	2018	2018	NUM
fbem-29346	106	45	.	.	PUNCT
fbem-29346	107	1	the	the	DET
fbem-29346	107	2	real	real	ADJ
fbem-29346	107	3	estate	estate	NOUN
fbem-29346	107	4	market	market	NOUN
fbem-29346	107	5	in	in	ADP
fbem-29346	107	6	third	third	ADJ
fbem-29346	107	7	and	and	CCONJ
fbem-29346	107	8	fourth	fourth	ADJ
fbem-29346	107	9	tier	tier	NOUN
fbem-29346	107	10	cities	city	NOUN
fbem-29346	107	11	has	have	AUX
fbem-29346	107	12	remained	remain	VERB
fbem-29346	107	13	sluggish	sluggish	ADJ
fbem-29346	107	14	,	,	PUNCT
fbem-29346	107	15	leading	lead	VERB
fbem-29346	107	16	to	to	ADP
fbem-29346	107	17	increased	increase	VERB
fbem-29346	107	18	difficulty	difficulty	NOUN
fbem-29346	107	19	in	in	ADP
fbem-29346	107	20	land	land	NOUN
fbem-29346	107	21	conversion	conversion	NOUN
fbem-29346	107	22	and	and	CCONJ
fbem-29346	107	23	gradually	gradually	ADV
fbem-29346	107	24	lower	low	ADJ
fbem-29346	107	25	sales	sale	NOUN
fbem-29346	107	26	growth	growth	NOUN
fbem-29346	107	27	rates	rate	NOUN
fbem-29346	107	28	than	than	ADP
fbem-29346	107	29	the	the	DET
fbem-29346	107	30	industry	industry	NOUN
fbem-29346	107	31	average	average	NOUN
fbem-29346	107	32	.	.	PUNCT
fbem-29346	108	1	secondly	secondly	ADV
fbem-29346	108	2	,	,	PUNCT
fbem-29346	108	3	increasing	increase	VERB
fbem-29346	108	4	investment	investment	NOUN
fbem-29346	108	5	in	in	ADP
fbem-29346	108	6	commercial	commercial	ADJ
fbem-29346	108	7	real	real	ADJ
fbem-29346	108	8	estate	estate	NOUN
fbem-29346	108	9	.	.	PUNCT
fbem-29346	109	1	while	while	SCONJ
fbem-29346	109	2	baolong	baolong	ADJ
fbem-29346	109	3	real	real	ADJ
fbem-29346	109	4	estate	estate	NOUN
fbem-29346	109	5	mainly	mainly	ADV
fbem-29346	109	6	focuses	focus	VERB
fbem-29346	109	7	on	on	ADP
fbem-29346	109	8	residential	residential	ADJ
fbem-29346	109	9	real	real	ADJ
fbem-29346	109	10	estate	estate	NOUN
fbem-29346	109	11	,	,	PUNCT
fbem-29346	109	12	its	its	PRON
fbem-29346	109	13	proportion	proportion	NOUN
fbem-29346	109	14	of	of	ADP
fbem-29346	109	15	commercial	commercial	ADJ
fbem-29346	109	16	real	real	ADJ
fbem-29346	109	17	estate	estate	NOUN
fbem-29346	109	18	is	be	AUX
fbem-29346	109	19	too	too	ADV
fbem-29346	109	20	high	high	ADJ
fbem-29346	109	21	,	,	PUNCT
fbem-29346	109	22	which	which	PRON
fbem-29346	109	23	has	have	AUX
fbem-29346	109	24	accumulated	accumulate	VERB
fbem-29346	109	25	a	a	DET
fbem-29346	109	26	large	large	ADJ
fbem-29346	109	27	amount	amount	NOUN
fbem-29346	109	28	of	of	ADP
fbem-29346	109	29	funds	fund	NOUN
fbem-29346	109	30	and	and	CCONJ
fbem-29346	109	31	dragged	drag	VERB
fbem-29346	109	32	down	down	ADP
fbem-29346	109	33	asset	asset	NOUN
fbem-29346	109	34	turnover	turnover	NOUN
fbem-29346	109	35	speed	speed	NOUN
fbem-29346	109	36	.	.	PUNCT
fbem-29346	110	1	especially	especially	ADV
fbem-29346	110	2	in	in	ADP
fbem-29346	110	3	2017	2017	NUM
fbem-29346	110	4	,	,	PUNCT
fbem-29346	110	5	the	the	DET
fbem-29346	110	6	company	company	NOUN
fbem-29346	110	7	's	's	PART
fbem-29346	110	8	acquisition	acquisition	NOUN
fbem-29346	110	9	of	of	ADP
fbem-29346	110	10	hotels	hotel	NOUN
fbem-29346	110	11	under	under	ADP
fbem-29346	110	12	wanda	wanda	PROPN
fbem-29346	110	13	not	not	PART
fbem-29346	110	14	only	only	ADV
fbem-29346	110	15	did	do	AUX
fbem-29346	110	16	not	not	PART
fbem-29346	110	17	bring	bring	VERB
fbem-29346	110	18	profits	profit	NOUN
fbem-29346	110	19	to	to	ADP
fbem-29346	110	20	the	the	DET
fbem-29346	110	21	company	company	NOUN
fbem-29346	110	22	,	,	PUNCT
fbem-29346	110	23	but	but	CCONJ
fbem-29346	110	24	also	also	ADV
fbem-29346	110	25	continued	continue	VERB
fbem-29346	110	26	to	to	PART
fbem-29346	110	27	incur	incur	VERB
fbem-29346	110	28	losses	loss	NOUN
fbem-29346	110	29	,	,	PUNCT
fbem-29346	110	30	weakening	weaken	VERB
fbem-29346	110	31	the	the	DET
fbem-29346	110	32	company	company	NOUN
fbem-29346	110	33	's	's	PART
fbem-29346	110	34	profitability	profitability	NOUN
fbem-29346	110	35	.	.	PUNCT
fbem-29346	111	1	in	in	ADP
fbem-29346	111	2	addition	addition	NOUN
fbem-29346	111	3	,	,	PUNCT
fbem-29346	111	4	while	while	SCONJ
fbem-29346	111	5	expanding	expand	VERB
fbem-29346	111	6	strategically	strategically	ADV
fbem-29346	111	7	,	,	PUNCT
fbem-29346	111	8	baolong	baolong	ADJ
fbem-29346	111	9	real	real	ADJ
fbem-29346	111	10	estate	estate	NOUN
fbem-29346	111	11	did	do	AUX
fbem-29346	111	12	not	not	PART
fbem-29346	111	13	manage	manage	VERB
fbem-29346	111	14	its	its	PRON
fbem-29346	111	15	debt	debt	NOUN
fbem-29346	111	16	well	well	ADV
fbem-29346	111	17	,	,	PUNCT
fbem-29346	111	18	and	and	CCONJ
fbem-29346	111	19	its	its	PRON
fbem-29346	111	20	leverage	leverage	NOUN
fbem-29346	111	21	ratio	ratio	NOUN
fbem-29346	111	22	has	have	AUX
fbem-29346	111	23	always	always	ADV
fbem-29346	111	24	been	be	AUX
fbem-29346	111	25	at	at	ADP
fbem-29346	111	26	a	a	DET
fbem-29346	111	27	relatively	relatively	ADV
fbem-29346	111	28	high	high	ADJ
fbem-29346	111	29	level	level	NOUN
fbem-29346	111	30	in	in	ADP
fbem-29346	111	31	the	the	DET
fbem-29346	111	32	industry	industry	NOUN
fbem-29346	111	33	.	.	PUNCT
fbem-29346	112	1	there	there	PRON
fbem-29346	112	2	is	be	VERB
fbem-29346	112	3	also	also	ADV
fbem-29346	112	4	a	a	DET
fbem-29346	112	5	problem	problem	NOUN
fbem-29346	112	6	of	of	ADP
fbem-29346	112	7	mismatched	mismatched	ADJ
fbem-29346	112	8	maturity	maturity	NOUN
fbem-29346	112	9	structure	structure	NOUN
fbem-29346	112	10	.	.	PUNCT
fbem-29346	113	1	after	after	ADP
fbem-29346	113	2	encountering	encounter	VERB
fbem-29346	113	3	the	the	DET
fbem-29346	113	4	impact	impact	NOUN
fbem-29346	113	5	of	of	ADP
fbem-29346	113	6	the	the	DET
fbem-29346	113	7	epidemic	epidemic	NOUN
fbem-29346	113	8	and	and	CCONJ
fbem-29346	113	9	tightening	tighten	VERB
fbem-29346	113	10	financing	financing	NOUN
fbem-29346	113	11	policies	policy	NOUN
fbem-29346	113	12	,	,	PUNCT
fbem-29346	113	13	the	the	DET
fbem-29346	113	14	early	early	ADJ
fbem-29346	113	15	debt	debt	NOUN
fbem-29346	113	16	problems	problem	NOUN
fbem-29346	113	17	were	be	AUX
fbem-29346	113	18	exposed	expose	VERB
fbem-29346	113	19	,	,	PUNCT
fbem-29346	113	20	and	and	CCONJ
fbem-29346	113	21	when	when	SCONJ
fbem-29346	113	22	the	the	DET
fbem-29346	113	23	centralized	centralized	ADJ
fbem-29346	113	24	redemption	redemption	NOUN
fbem-29346	113	25	period	period	NOUN
fbem-29346	113	26	arrived	arrive	VERB
fbem-29346	113	27	,	,	PUNCT
fbem-29346	113	28	it	it	PRON
fbem-29346	113	29	was	be	AUX
fbem-29346	113	30	unable	unable	ADJ
fbem-29346	113	31	to	to	PART
fbem-29346	113	32	repay	repay	VERB
fbem-29346	113	33	at	at	ADP
fbem-29346	113	34	maturity	maturity	NOUN
fbem-29346	113	35	,	,	PUNCT
fbem-29346	113	36	ultimately	ultimately	ADV
fbem-29346	113	37	leading	lead	VERB
fbem-29346	113	38	to	to	ADP
fbem-29346	113	39	bond	bond	NOUN
fbem-29346	113	40	defaults	default	NOUN
fbem-29346	113	41	.	.	PUNCT
fbem-29346	114	1	acknowledgment	acknowledgment	NOUN
fbem-29346	114	2	we	we	PRON
fbem-29346	114	3	thank	thank	VERB
fbem-29346	114	4	gugu	gugu	PROPN
fbem-29346	114	5	zhang	zhang	PROPN
fbem-29346	114	6	,	,	PUNCT
fbem-29346	114	7	guanming	guanme	VERB
fbem-29346	114	8	luo	luo	PROPN
fbem-29346	114	9	,	,	PUNCT
fbem-29346	114	10	and	and	CCONJ
fbem-29346	114	11	mingxuan	mingxuan	PROPN
fbem-29346	114	12	cai	cai	PROPN
fbem-29346	114	13	.	.	PUNCT
fbem-29346	115	1	this	this	DET
fbem-29346	115	2	work	work	NOUN
fbem-29346	115	3	was	be	AUX
fbem-29346	115	4	supported	support	VERB
fbem-29346	115	5	in	in	ADP
fbem-29346	115	6	part	part	NOUN
fbem-29346	115	7	by	by	ADP
fbem-29346	115	8	a	a	DET
fbem-29346	115	9	grant	grant	NOUN
fbem-29346	115	10	from	from	ADP
fbem-29346	115	11	them	they	PRON
fbem-29346	115	12	.	.	PUNCT
fbem-29346	116	1	references	reference	NOUN
fbem-29346	116	2	[	[	X
fbem-29346	116	3	1	1	NUM
fbem-29346	116	4	]	]	PUNCT
fbem-29346	116	5	acharya	acharya	NOUN
fbem-29346	116	6	v	v	ADP
fbem-29346	116	7	v	v	PROPN
fbem-29346	116	8	,	,	PUNCT
fbem-29346	116	9	amihud	amihud	PROPN
fbem-29346	116	10	y	y	PROPN
fbem-29346	116	11	,	,	PUNCT
fbem-29346	116	12	litov	litov	PROPN
fbem-29346	116	13	l.	l.	PROPN
fbem-29346	116	14	creditor	creditor	NOUN
fbem-29346	116	15	rights	right	NOUN
fbem-29346	116	16	and	and	CCONJ
fbem-29346	116	17	corporate	corporate	ADJ
fbem-29346	116	18	risk	risk	NOUN
fbem-29346	116	19	-	-	PUNCT
fbem-29346	116	20	taking	taking	NOUN
fbem-29346	116	21	.	.	PUNCT
fbem-29346	117	1	journal	journal	NOUN
fbem-29346	117	2	of	of	ADP
fbem-29346	117	3	financial	financial	ADJ
fbem-29346	117	4	economics	economic	NOUN
fbem-29346	117	5	,	,	PUNCT
fbem-29346	117	6	2011	2011	NUM
fbem-29346	117	7	,	,	PUNCT
fbem-29346	117	8	102(1	102(1	NUM
fbem-29346	117	9	):	):	PUNCT
fbem-29346	117	10	150	150	NUM
fbem-29346	117	11	-	-	SYM
fbem-29346	117	12	166	166	NUM
fbem-29346	117	13	.	.	PUNCT
fbem-29346	118	1	[	[	X
fbem-29346	118	2	2	2	NUM
fbem-29346	118	3	]	]	PUNCT
fbem-29346	118	4	acharya	acharya	NOUN
fbem-29346	118	5	v	v	ADP
fbem-29346	118	6	v	v	NOUN
fbem-29346	118	7	,	,	PUNCT
fbem-29346	118	8	bharath	bharath	PROPN
fbem-29346	118	9	s	s	PROPN
fbem-29346	118	10	t	t	PROPN
fbem-29346	118	11	,	,	PUNCT
fbem-29346	118	12	srinivasan	srinivasan	PROPN
fbem-29346	118	13	a.	a.	NOUN
fbem-29346	118	14	does	do	AUX
fbem-29346	118	15	industry	industry	NOUN
fbem-29346	118	16	-	-	PUNCT
fbem-29346	118	17	wide	wide	ADJ
fbem-29346	118	18	distress	distress	NOUN
fbem-29346	118	19	affect	affect	VERB
fbem-29346	118	20	defaulted	defaulted	ADJ
fbem-29346	118	21	firms	firm	NOUN
fbem-29346	118	22	?	?	PUNCT
fbem-29346	119	1	evidence	evidence	NOUN
fbem-29346	119	2	from	from	ADP
fbem-29346	119	3	creditor	creditor	NOUN
fbem-29346	119	4	recoveries	recovery	NOUN
fbem-29346	120	1	[	[	X
fbem-29346	120	2	j	j	X
fbem-29346	120	3	]	]	X
fbem-29346	120	4	.	.	PUNCT
fbem-29346	121	1	journal	journal	PROPN
fbem-29346	121	2	of	of	ADP
fbem-29346	121	3	financial	financial	ADJ
fbem-29346	121	4	economics	economic	NOUN
fbem-29346	121	5	,	,	PUNCT
fbem-29346	121	6	2007	2007	NUM
fbem-29346	121	7	,	,	PUNCT
fbem-29346	121	8	85(3):787	85(3):787	NUM
fbem-29346	121	9	-	-	SYM
fbem-29346	121	10	821	821	NUM
fbem-29346	121	11	.	.	PUNCT
fbem-29346	122	1	[	[	X
fbem-29346	122	2	3	3	X
fbem-29346	122	3	]	]	X
fbem-29346	122	4	altman	altman	NOUN
fbem-29346	122	5	e	e	PROPN
fbem-29346	122	6	i	i	PROPN
fbem-29346	122	7	,	,	PUNCT
fbem-29346	122	8	iwanicz	iwanicz	NOUN
fbem-29346	122	9	-	-	PUNCT
fbem-29346	122	10	drozdowska	drozdowska	NOUN
fbem-29346	122	11	m	m	PROPN
fbem-29346	122	12	,	,	PUNCT
fbem-29346	122	13	laitinen	laitinen	PROPN
fbem-29346	122	14	e	e	PROPN
fbem-29346	122	15	k	k	PROPN
fbem-29346	122	16	,	,	PUNCT
fbem-29346	122	17	et	et	PROPN
fbem-29346	122	18	al	al	PROPN
fbem-29346	122	19	.	.	PUNCT
fbem-29346	122	20	financial	financial	ADJ
fbem-29346	122	21	distress	distress	NOUN
fbem-29346	122	22	prediction	prediction	NOUN
fbem-29346	122	23	in	in	ADP
fbem-29346	122	24	an	an	DET
fbem-29346	122	25	international	international	ADJ
fbem-29346	122	26	context	context	NOUN
fbem-29346	122	27	:	:	PUNCT
fbem-29346	122	28	a	a	DET
fbem-29346	122	29	review	review	NOUN
fbem-29346	122	30	and	and	CCONJ
fbem-29346	122	31	empirical	empirical	ADJ
fbem-29346	122	32	analysis	analysis	NOUN
fbem-29346	122	33	of	of	ADP
fbem-29346	122	34	altman	altman	PROPN
fbem-29346	122	35	's	's	PART
fbem-29346	122	36	zscore	zscore	NOUN
fbem-29346	122	37	model	model	NOUN
fbem-29346	123	1	[	[	X
fbem-29346	123	2	j	j	X
fbem-29346	123	3	]	]	X
fbem-29346	123	4	.	.	PUNCT
fbem-29346	124	1	[	[	X
fbem-29346	124	2	4	4	NUM
fbem-29346	124	3	]	]	SYM
fbem-29346	124	4	ashbaugh	ashbaugh	ADJ
fbem-29346	124	5	-	-	PUNCT
fbem-29346	124	6	skaife	skaife	NOUN
fbem-29346	124	7	h	h	NOUN
fbem-29346	124	8	,	,	PUNCT
fbem-29346	124	9	collins	collins	PROPN
fbem-29346	124	10	d	d	PROPN
fbem-29346	124	11	w	w	PROPN
fbem-29346	124	12	,	,	PUNCT
fbem-29346	124	13	lafond	lafond	PROPN
fbem-29346	124	14	r.	r.	PROPN
fbem-29346	124	15	the	the	DET
fbem-29346	124	16	effects	effect	NOUN
fbem-29346	124	17	of	of	ADP
fbem-29346	124	18	corporate	corporate	ADJ
fbem-29346	124	19	governance	governance	NOUN
fbem-29346	124	20	on	on	ADP
fbem-29346	124	21	firms	firm	NOUN
fbem-29346	124	22	’	'	PUNCT
fbem-29346	124	23	credit	credit	NOUN
fbem-29346	124	24	ratings	rating	NOUN
fbem-29346	125	1	[	[	X
fbem-29346	125	2	j	j	X
fbem-29346	125	3	]	]	X
fbem-29346	125	4	.	.	PUNCT
fbem-29346	126	1	journal	journal	PROPN
fbem-29346	126	2	of	of	ADP
fbem-29346	126	3	accounting	accounting	NOUN
fbem-29346	126	4	and	and	CCONJ
fbem-29346	126	5	economics	economic	NOUN
fbem-29346	126	6	,	,	PUNCT
fbem-29346	126	7	2006	2006	NUM
fbem-29346	126	8	,	,	PUNCT
fbem-29346	126	9	42(1	42(1	NOUN
fbem-29346	126	10	-	-	SYM
fbem-29346	126	11	2	2	NUM
fbem-29346	126	12	):	):	PUNCT
fbem-29346	126	13	203	203	NUM
fbem-29346	126	14	-	-	SYM
fbem-29346	126	15	243	243	NUM
fbem-29346	126	16	.	.	PUNCT
fbem-29346	127	1	[	[	X
fbem-29346	127	2	5	5	X
fbem-29346	127	3	]	]	PUNCT
fbem-29346	127	4	ashraf	ashraf	PROPN
fbem-29346	127	5	b	b	PROPN
fbem-29346	127	6	n	n	CCONJ
fbem-29346	127	7	,	,	PUNCT
fbem-29346	127	8	shen	shen	PROPN
fbem-29346	127	9	y.	y.	PROPN
fbem-29346	127	10	economic	economic	ADJ
fbem-29346	127	11	policy	policy	NOUN
fbem-29346	127	12	uncertainty	uncertainty	NOUN
fbem-29346	127	13	and	and	CCONJ
fbem-29346	127	14	banks	bank	NOUN
fbem-29346	127	15	'	'	PART
fbem-29346	127	16	loan	loan	NOUN
fbem-29346	127	17	pricing	pricing	NOUN
fbem-29346	128	1	[	[	X
fbem-29346	128	2	j	j	X
fbem-29346	128	3	]	]	X
fbem-29346	128	4	.	.	PUNCT
fbem-29346	129	1	journal	journal	PROPN
fbem-29346	129	2	of	of	ADP
fbem-29346	129	3	financial	financial	ADJ
fbem-29346	129	4	stability	stability	NOUN
fbem-29346	129	5	,	,	PUNCT
fbem-29346	129	6	2019(44	2019(44	NUM
fbem-29346	129	7	):	):	PUNCT
fbem-29346	129	8	100695	100695	NUM
fbem-29346	129	9	.	.	PUNCT
fbem-29346	130	1	[	[	X
fbem-29346	130	2	6	6	NUM
fbem-29346	130	3	]	]	X
fbem-29346	130	4	beaver	beaver	PROPN
fbem-29346	130	5	w	w	PROPN
fbem-29346	130	6	h.	h.	PROPN
fbem-29346	130	7	financial	financial	ADJ
fbem-29346	130	8	ratios	ratio	NOUN
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fbem-29346	130	10	predictors	predictor	NOUN
fbem-29346	130	11	of	of	ADP
fbem-29346	130	12	failure	failure	NOUN
fbem-29346	130	13	[	[	X
fbem-29346	130	14	j	j	X
fbem-29346	130	15	]	]	X
fbem-29346	130	16	.	.	PUNCT
fbem-29346	131	1	journal	journal	PROPN
fbem-29346	131	2	of	of	ADP
fbem-29346	131	3	accounting	accounting	NOUN
fbem-29346	131	4	research	research	NOUN
fbem-29346	131	5	,	,	PUNCT
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fbem-29346	131	7	):	):	PUNCT
fbem-29346	131	8	71	71	NUM
fbem-29346	131	9	-	-	SYM
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fbem-29346	131	11	.	.	PUNCT
fbem-29346	132	1	[	[	X
fbem-29346	132	2	7	7	X
fbem-29346	132	3	]	]	X
fbem-29346	132	4	black	black	ADJ
fbem-29346	132	5	f	f	PROPN
fbem-29346	132	6	,	,	PUNCT
fbem-29346	132	7	scholes	schole	NOUN
fbem-29346	132	8	m.	m.	VERB
fbem-29346	132	9	the	the	DET
fbem-29346	132	10	pricing	pricing	NOUN
fbem-29346	132	11	of	of	ADP
fbem-29346	132	12	options	option	NOUN
fbem-29346	132	13	and	and	CCONJ
fbem-29346	132	14	corporate	corporate	ADJ
fbem-29346	132	15	liabilities	liability	NOUN
fbem-29346	133	1	[	[	X
fbem-29346	133	2	j	j	X
fbem-29346	133	3	]	]	X
fbem-29346	133	4	.	.	PUNCT
fbem-29346	134	1	journal	journal	PROPN
fbem-29346	134	2	of	of	ADP
fbem-29346	134	3	political	political	ADJ
fbem-29346	134	4	economy	economy	NOUN
fbem-29346	134	5	,	,	PUNCT
fbem-29346	134	6	1973	1973	NUM
fbem-29346	134	7	,	,	PUNCT
fbem-29346	134	8	81(3	81(3	NUM
fbem-29346	134	9	):	):	PUNCT
fbem-29346	134	10	637	637	NUM
fbem-29346	134	11	-	-	SYM
fbem-29346	134	12	654	654	NUM
fbem-29346	134	13	.	.	PUNCT
fbem-29346	135	1	[	[	X
fbem-29346	135	2	8	8	NUM
fbem-29346	135	3	]	]	X
fbem-29346	135	4	bonsall	bonsall	PROPN
fbem-29346	135	5	iv	iv	PROPN
fbem-29346	135	6	s	s	PROPN
fbem-29346	135	7	b	b	PROPN
fbem-29346	135	8	,	,	PUNCT
fbem-29346	135	9	holzman	holzman	NOUN
fbem-29346	135	10	e	e	PROPN
fbem-29346	135	11	r	r	PROPN
fbem-29346	135	12	,	,	PUNCT
fbem-29346	135	13	miller	miller	PROPN
fbem-29346	135	14	b	b	PROPN
fbem-29346	135	15	p.	p.	NOUN
fbem-29346	135	16	managerial	managerial	ADJ
fbem-29346	135	17	ability	ability	NOUN
fbem-29346	135	18	and	and	CCONJ
fbem-29346	135	19	credit	credit	NOUN
fbem-29346	135	20	risk	risk	NOUN
fbem-29346	135	21	assessment	assessment	NOUN
fbem-29346	136	1	[	[	X
fbem-29346	136	2	j	j	X
fbem-29346	136	3	]	]	X
fbem-29346	136	4	.	.	PUNCT
fbem-29346	137	1	management	management	NOUN
fbem-29346	137	2	science	science	NOUN
fbem-29346	137	3	,	,	PUNCT
fbem-29346	137	4	2017	2017	NUM
fbem-29346	137	5	,	,	PUNCT
fbem-29346	137	6	63(5	63(5	NUM
fbem-29346	137	7	):	):	PUNCT
fbem-29346	137	8	1425	1425	NUM
fbem-29346	137	9	-	-	SYM
fbem-29346	137	10	1449	1449	NUM
fbem-29346	137	11	.	.	PUNCT
fbem-29346	138	1	[	[	X
fbem-29346	138	2	9	9	NUM
fbem-29346	138	3	]	]	X
fbem-29346	138	4	chen	chen	PROPN
fbem-29346	138	5	k	k	PROPN
fbem-29346	138	6	,	,	PUNCT
fbem-29346	138	7	guo	guo	PROPN
fbem-29346	138	8	w	w	PROPN
fbem-29346	138	9	,	,	PUNCT
fbem-29346	138	10	kang	kang	PROPN
fbem-29346	138	11	y	y	PROPN
fbem-29346	138	12	,	,	PUNCT
fbem-29346	138	13	et	et	PROPN
fbem-29346	138	14	al	al	PROPN
fbem-29346	138	15	.	.	PROPN
fbem-29346	138	16	does	do	AUX
fbem-29346	138	17	the	the	DET
fbem-29346	138	18	deleveraging	deleverage	VERB
fbem-29346	138	19	policy	policy	NOUN
fbem-29346	138	20	increase	increase	NOUN
fbem-29346	138	21	the	the	DET
fbem-29346	138	22	risk	risk	NOUN
fbem-29346	138	23	of	of	ADP
fbem-29346	138	24	corporate	corporate	ADJ
fbem-29346	138	25	debt	debt	NOUN
fbem-29346	138	26	default	default	NOUN
fbem-29346	138	27	:	:	PUNCT
fbem-29346	138	28	evidence	evidence	NOUN
fbem-29346	138	29	from	from	ADP
fbem-29346	138	30	china	china	PROPN
fbem-29346	139	1	[	[	X
fbem-29346	139	2	j	j	X
fbem-29346	139	3	]	]	X
fbem-29346	139	4	.	.	PUNCT
fbem-29346	140	1	emerging	emerge	VERB
fbem-29346	140	2	markets	market	NOUN
fbem-29346	140	3	finance	finance	NOUN
fbem-29346	140	4	and	and	CCONJ
fbem-29346	140	5	trade	trade	NOUN
fbem-29346	140	6	,	,	PUNCT
fbem-29346	140	7	2022	2022	NUM
fbem-29346	140	8	,	,	PUNCT
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fbem-29346	140	10	):	):	PUNCT
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fbem-29346	140	12	-	-	SYM
fbem-29346	140	13	613	613	NUM
fbem-29346	140	14	.	.	PUNCT
fbem-29346	141	1	[	[	X
fbem-29346	141	2	10	10	NUM
fbem-29346	141	3	]	]	X
fbem-29346	141	4	diana	diana	PROPN
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fbem-29346	141	6	.	.	PUNCT
fbem-29346	142	1	credit	credit	NOUN
fbem-29346	142	2	risk	risk	NOUN
fbem-29346	142	3	drivers	driver	NOUN
fbem-29346	142	4	:	:	PUNCT
fbem-29346	142	5	evaluating	evaluate	VERB
fbem-29346	142	6	the	the	DET
fbem-29346	142	7	contribution	contribution	NOUN
fbem-29346	142	8	of	of	ADP
fbem-29346	142	9	firm	firm	ADJ
fbem-29346	142	10	level	level	NOUN
fbem-29346	142	11	information	information	NOUN
fbem-29346	142	12	and	and	CCONJ
fbem-29346	142	13	of	of	ADP
fbem-29346	142	14	macroeconomic	macroeconomic	ADJ
fbem-29346	142	15	dynamics	dynamic	NOUN
fbem-29346	143	1	[	[	X
fbem-29346	143	2	j	j	X
fbem-29346	143	3	]	]	X
fbem-29346	143	4	.	.	PUNCT
fbem-29346	144	1	journal	journal	PROPN
fbem-29346	144	2	of	of	ADP
fbem-29346	144	3	banking	banking	NOUN
fbem-29346	144	4	&	&	CCONJ
fbem-29346	144	5	finance	finance	PROPN
fbem-29346	144	6	,	,	PUNCT
fbem-29346	144	7	2009	2009	NUM
fbem-29346	144	8	,	,	PUNCT
fbem-29346	144	9	33(2	33(2	NUM
fbem-29346	144	10	):	):	PUNCT
fbem-29346	144	11	281299	281299	NUM
fbem-29346	144	12	.	.	PUNCT
fbem-29346	145	1	[	[	X
fbem-29346	145	2	11	11	NUM
fbem-29346	145	3	]	]	X
fbem-29346	145	4	douglas	douglas	PROPN
fbem-29346	145	5	a	a	DET
fbem-29346	145	6	v	v	PROPN
fbem-29346	145	7	s	s	PROPN
fbem-29346	145	8	,	,	PUNCT
fbem-29346	145	9	huang	huang	PROPN
fbem-29346	145	10	a	a	DET
fbem-29346	145	11	g	g	NOUN
fbem-29346	145	12	,	,	PUNCT
fbem-29346	145	13	vetzal	vetzal	NOUN
fbem-29346	145	14	k	k	PROPN
fbem-29346	145	15	r.	r.	PROPN
fbem-29346	145	16	cash	cash	NOUN
fbem-29346	145	17	flow	flow	NOUN
fbem-29346	145	18	volatility	volatility	NOUN
fbem-29346	145	19	and	and	CCONJ
fbem-29346	145	20	corporate	corporate	ADJ
fbem-29346	145	21	bond	bond	NOUN
fbem-29346	145	22	yield	yield	NOUN
fbem-29346	145	23	spreads	spread	NOUN
fbem-29346	146	1	[	[	X
fbem-29346	146	2	j	j	X
fbem-29346	146	3	]	]	X
fbem-29346	146	4	.	.	PUNCT
fbem-29346	147	1	review	review	NOUN
fbem-29346	147	2	of	of	ADP
fbem-29346	147	3	quantitative	quantitative	ADJ
fbem-29346	147	4	finance	finance	NOUN
fbem-29346	147	5	and	and	CCONJ
fbem-29346	147	6	accounting	accounting	NOUN
fbem-29346	147	7	,	,	PUNCT
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fbem-29346	147	9	):	):	PUNCT
fbem-29346	147	10	417	417	NUM
fbem-29346	147	11	-	-	SYM
fbem-29346	147	12	458	458	NUM
fbem-29346	147	13	.	.	PUNCT
fbem-29346	148	1	[	[	X
fbem-29346	148	2	12	12	NUM
fbem-29346	148	3	]	]	X
fbem-29346	148	4	dragon	dragon	PROPN
fbem-29346	148	5	y	y	PROPN
fbem-29346	148	6	t	t	PROPN
fbem-29346	148	7	,	,	PUNCT
fbem-29346	148	8	hong	hong	PROPN
fbem-29346	148	9	y.	y.	PROPN
fbem-29346	148	10	market	market	NOUN
fbem-29346	148	11	conditions	condition	NOUN
fbem-29346	148	12	,	,	PUNCT
fbem-29346	148	13	default	default	NOUN
fbem-29346	148	14	risk	risk	NOUN
fbem-29346	148	15	and	and	CCONJ
fbem-29346	148	16	credit	credit	NOUN
fbem-29346	148	17	spreads	spread	NOUN
fbem-29346	148	18	[	[	X
fbem-29346	148	19	j	j	X
fbem-29346	148	20	]	]	X
fbem-29346	148	21	.	.	PUNCT
fbem-29346	149	1	journal	journal	PROPN
fbem-29346	149	2	of	of	ADP
fbem-29346	149	3	banking	banking	NOUN
fbem-29346	149	4	and	and	CCONJ
fbem-29346	149	5	finance	finance	NOUN
fbem-29346	149	6	,	,	PUNCT
fbem-29346	149	7	2010	2010	NUM
fbem-29346	149	8	,	,	PUNCT
fbem-29346	149	9	34(4	34(4	NUM
fbem-29346	149	10	):	):	PUNCT
fbem-29346	149	11	743	743	NUM
fbem-29346	149	12	-	-	SYM
fbem-29346	149	13	753	753	NUM
fbem-29346	149	14	.	.	PUNCT
fbem-29346	150	1	[	[	X
fbem-29346	150	2	13	13	NUM
fbem-29346	150	3	]	]	PUNCT
fbem-29346	150	4	fama	fama	PROPN
fbem-29346	150	5	e	e	PROPN
fbem-29346	150	6	f.	f.	PROPN
fbem-29346	150	7	term	term	NOUN
fbem-29346	150	8	premiums	premium	NOUN
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fbem-29346	150	10	default	default	NOUN
fbem-29346	150	11	premiums	premium	NOUN
fbem-29346	150	12	in	in	ADP
fbem-29346	150	13	money	money	NOUN
fbem-29346	150	14	markets	market	NOUN
fbem-29346	150	15	[	[	X
fbem-29346	150	16	j	j	X
fbem-29346	150	17	]	]	X
fbem-29346	150	18	.	.	PUNCT
fbem-29346	151	1	journal	journal	PROPN
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fbem-29346	151	3	financial	financial	ADJ
fbem-29346	151	4	economics	economic	NOUN
fbem-29346	151	5	,	,	PUNCT
fbem-29346	151	6	1986	1986	NUM
fbem-29346	151	7	,	,	PUNCT
fbem-29346	151	8	17(1	17(1	NUM
fbem-29346	151	9	):	):	PUNCT
fbem-29346	151	10	175196	175196	NUM
fbem-29346	151	11	.	.	PUNCT
fbem-29346	152	1	[	[	X
fbem-29346	152	2	14	14	NUM
fbem-29346	152	3	]	]	X
fbem-29346	152	4	feldhütter	feldhütter	NOUN
fbem-29346	152	5	p	p	NOUN
fbem-29346	152	6	,	,	PUNCT
fbem-29346	152	7	schaefer	schaefer	PROPN
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fbem-29346	152	13	the	the	DET
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fbem-29346	152	15	spread	spread	VERB
fbem-29346	152	16	puzzle	puzzle	NOUN
fbem-29346	153	1	[	[	X
fbem-29346	153	2	j	j	X
fbem-29346	153	3	]	]	X
fbem-29346	153	4	.	.	PUNCT
fbem-29346	154	1	the	the	DET
fbem-29346	154	2	review	review	NOUN
fbem-29346	154	3	of	of	ADP
fbem-29346	154	4	financial	financial	ADJ
fbem-29346	154	5	studies	study	NOUN
fbem-29346	154	6	,	,	PUNCT
fbem-29346	154	7	2018	2018	NUM
fbem-29346	154	8	,	,	PUNCT
fbem-29346	154	9	31(8	31(8	NUM
fbem-29346	154	10	):	):	PUNCT
fbem-29346	154	11	2897	2897	NUM
fbem-29346	154	12	-	-	SYM
fbem-29346	154	13	2942	2942	NUM
fbem-29346	154	14	.	.	PUNCT
fbem-29346	155	1	[	[	X
fbem-29346	155	2	15	15	NUM
fbem-29346	155	3	]	]	X
fbem-29346	155	4	fernando	fernando	PROPN
fbem-29346	156	1	j	j	PROPN
fbem-29346	156	2	m	m	PROPN
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fbem-29346	156	4	,	,	PUNCT
fbem-29346	156	5	li	li	PROPN
fbem-29346	156	6	l	l	PROPN
fbem-29346	156	7	,	,	PUNCT
fbem-29346	156	8	hou	hou	PROPN
fbem-29346	156	9	y.	y.	PROPN
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fbem-29346	156	11	governance	governance	NOUN
fbem-29346	156	12	and	and	CCONJ
fbem-29346	156	13	default	default	NOUN
fbem-29346	156	14	prediction	prediction	NOUN
fbem-29346	156	15	:	:	PUNCT
fbem-29346	156	16	a	a	DET
fbem-29346	156	17	reality	reality	NOUN
fbem-29346	156	18	test	test	NOUN
fbem-29346	157	1	[	[	X
fbem-29346	157	2	j	j	X
fbem-29346	157	3	]	]	X
fbem-29346	157	4	.	.	PUNCT
fbem-29346	157	5	applied	apply	VERB
fbem-29346	157	6	economics	economic	NOUN
fbem-29346	157	7	,	,	PUNCT
fbem-29346	157	8	2019	2019	NUM
fbem-29346	157	9	,	,	PUNCT
fbem-29346	157	10	51(24	51(24	NUM
fbem-29346	157	11	):	):	PUNCT
fbem-29346	157	12	2669	2669	NUM
fbem-29346	157	13	-	-	SYM
fbem-29346	157	14	2686	2686	NUM
fbem-29346	157	15	.	.	PUNCT
fbem-29346	158	1	[	[	X
fbem-29346	158	2	16	16	NUM
fbem-29346	158	3	]	]	PUNCT
fbem-29346	158	4	fernando	fernando	PROPN
fbem-29346	159	1	j	j	PROPN
fbem-29346	159	2	m	m	PROPN
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fbem-29346	159	5	li	li	PROPN
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fbem-29346	159	7	,	,	PUNCT
fbem-29346	159	8	hou	hou	PROPN
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fbem-29346	159	13	correlation	correlation	NOUN
fbem-29346	159	14	in	in	ADP
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fbem-29346	159	16	defaults	default	NOUN
fbem-29346	160	1	[	[	X
fbem-29346	160	2	j	j	X
fbem-29346	160	3	]	]	X
fbem-29346	160	4	.	.	PUNCT
fbem-29346	161	1	corporate	corporate	ADJ
fbem-29346	161	2	governance	governance	NOUN
fbem-29346	161	3	:	:	PUNCT
fbem-29346	161	4	an	an	DET
fbem-29346	161	5	international	international	ADJ
fbem-29346	161	6	review	review	NOUN
fbem-29346	161	7	,	,	PUNCT
fbem-29346	161	8	2020	2020	NUM
fbem-29346	161	9	,	,	PUNCT
fbem-29346	161	10	28(3	28(3	NUM
fbem-29346	161	11	):	):	PUNCT
fbem-29346	161	12	188	188	NUM
fbem-29346	161	13	-	-	SYM
fbem-29346	161	14	206	206	NUM
fbem-29346	161	15	.	.	PUNCT
fbem-29346	162	1	[	[	X
fbem-29346	162	2	17	17	NUM
fbem-29346	162	3	]	]	X
fbem-29346	162	4	fitzpatrick	fitzpatrick	PROPN
fbem-29346	162	5	p	p	PROPN
fbem-29346	162	6	j.	j.	PROPN
fbem-29346	162	7	a	a	DET
fbem-29346	162	8	comparison	comparison	NOUN
fbem-29346	162	9	of	of	ADP
fbem-29346	162	10	the	the	DET
fbem-29346	162	11	ratios	ratio	NOUN
fbem-29346	162	12	of	of	ADP
fbem-29346	162	13	successful	successful	ADJ
fbem-29346	162	14	industrial	industrial	ADJ
fbem-29346	162	15	enterprises	enterprise	NOUN
fbem-29346	162	16	with	with	ADP
fbem-29346	162	17	those	those	PRON
fbem-29346	162	18	of	of	ADP
fbem-29346	162	19	failed	fail	VERB
fbem-29346	162	20	companies	company	NOUN
fbem-29346	163	1	[	[	X
fbem-29346	163	2	j	j	X
fbem-29346	163	3	]	]	X
fbem-29346	163	4	.	.	PUNCT
fbem-29346	164	1	certified	certify	VERB
fbem-29346	164	2	public	public	ADJ
fbem-29346	164	3	accountant	accountant	NOUN
fbem-29346	164	4	,	,	PUNCT
fbem-29346	164	5	1932(2):598	1932(2):598	NUM
fbem-29346	164	6	-	-	SYM
fbem-29346	164	7	605	605	NUM
fbem-29346	164	8	.	.	PUNCT
fbem-29346	165	1	[	[	X
fbem-29346	165	2	18	18	NUM
fbem-29346	165	3	]	]	X
fbem-29346	165	4	gatti	gatti	NOUN
fbem-29346	165	5	d	d	PROPN
fbem-29346	165	6	d	d	PROPN
fbem-29346	165	7	,	,	PUNCT
fbem-29346	165	8	gallegati	gallegati	PROPN
fbem-29346	165	9	m	m	PROPN
fbem-29346	165	10	,	,	PUNCT
fbem-29346	165	11	greenwald	greenwald	PROPN
fbem-29346	165	12	b	b	PROPN
fbem-29346	165	13	,	,	PUNCT
fbem-29346	165	14	et	et	PROPN
fbem-29346	165	15	al	al	PROPN
fbem-29346	165	16	.	.	PUNCT
fbem-29346	166	1	the	the	DET
fbem-29346	166	2	financial	financial	ADJ
fbem-29346	166	3	accelerator	accelerator	NOUN
fbem-29346	166	4	in	in	ADP
fbem-29346	166	5	an	an	DET
fbem-29346	166	6	evolving	evolve	VERB
fbem-29346	166	7	credit	credit	NOUN
fbem-29346	166	8	network	network	NOUN
fbem-29346	166	9	[	[	X
fbem-29346	166	10	j	j	X
fbem-29346	166	11	]	]	X
fbem-29346	166	12	.	.	PUNCT
fbem-29346	167	1	journal	journal	PROPN
fbem-29346	167	2	of	of	ADP
fbem-29346	167	3	economic	economic	ADJ
fbem-29346	167	4	dynamics	dynamic	NOUN
fbem-29346	167	5	and	and	CCONJ
fbem-29346	167	6	control	control	NOUN
fbem-29346	167	7	,	,	PUNCT
fbem-29346	167	8	2010	2010	NUM
fbem-29346	167	9	,	,	PUNCT
fbem-29346	167	10	34(9	34(9	NUM
fbem-29346	167	11	):	):	PUNCT
fbem-29346	167	12	1627	1627	NUM
fbem-29346	167	13	-	-	SYM
fbem-29346	167	14	1650	1650	NUM
fbem-29346	167	15	.	.	PUNCT
fbem-29346	168	1	[	[	X
fbem-29346	168	2	19	19	NUM
fbem-29346	168	3	]	]	X
fbem-29346	168	4	giesecke	giesecke	PROPN
fbem-29346	168	5	k	k	NOUN
fbem-29346	168	6	,	,	PUNCT
fbem-29346	168	7	longstaff	longstaff	PROPN
fbem-29346	168	8	f	f	PROPN
fbem-29346	168	9	a	a	PROPN
fbem-29346	168	10	,	,	PUNCT
fbem-29346	168	11	schaefer	schaefer	PROPN
fbem-29346	168	12	s	s	PROPN
fbem-29346	168	13	,	,	PUNCT
fbem-29346	168	14	et	et	PROPN
fbem-29346	168	15	al	al	PROPN
fbem-29346	168	16	.	.	PUNCT
fbem-29346	168	17	corporate	corporate	ADJ
fbem-29346	168	18	bond	bond	NOUN
fbem-29346	168	19	default	default	NOUN
fbem-29346	168	20	risk	risk	NOUN
fbem-29346	168	21	:	:	PUNCT
fbem-29346	168	22	a	a	DET
fbem-29346	168	23	150	150	NUM
fbem-29346	168	24	-	-	PUNCT
fbem-29346	168	25	year	year	NOUN
fbem-29346	168	26	perspective	perspective	NOUN
fbem-29346	169	1	[	[	X
fbem-29346	169	2	j	j	X
fbem-29346	169	3	]	]	X
fbem-29346	169	4	.	.	PUNCT
fbem-29346	170	1	journal	journal	PROPN
fbem-29346	170	2	of	of	ADP
fbem-29346	170	3	financial	financial	ADJ
fbem-29346	170	4	economics	economic	NOUN
fbem-29346	170	5	,	,	PUNCT
fbem-29346	170	6	2011	2011	NUM
fbem-29346	170	7	,	,	PUNCT
fbem-29346	170	8	102(2	102(2	NUM
fbem-29346	170	9	):	):	PUNCT
fbem-29346	170	10	233	233	NUM
fbem-29346	170	11	-	-	SYM
fbem-29346	170	12	250	250	NUM
fbem-29346	170	13	.	.	PUNCT
fbem-29346	171	1	[	[	X
fbem-29346	171	2	20	20	NUM
fbem-29346	171	3	]	]	X
fbem-29346	171	4	hackbarth	hackbarth	NOUN
fbem-29346	171	5	d	d	PROPN
fbem-29346	171	6	,	,	PUNCT
fbem-29346	171	7	miao	miao	PROPN
fbem-29346	171	8	j	j	PROPN
fbem-29346	171	9	,	,	PUNCT
fbem-29346	171	10	morellec	morellec	VERB
fbem-29346	171	11	e.	e.	PROPN
fbem-29346	171	12	capital	capital	PROPN
fbem-29346	171	13	structure	structure	NOUN
fbem-29346	171	14	,	,	PUNCT
fbem-29346	171	15	credit	credit	NOUN
fbem-29346	171	16	risk	risk	NOUN
fbem-29346	171	17	,	,	PUNCT
fbem-29346	171	18	and	and	CCONJ
fbem-29346	171	19	macroeconomic	macroeconomic	ADJ
fbem-29346	171	20	conditions	condition	NOUN
fbem-29346	172	1	[	[	X
fbem-29346	172	2	j	j	X
fbem-29346	172	3	]	]	X
fbem-29346	172	4	.	.	PUNCT
fbem-29346	173	1	journal	journal	PROPN
fbem-29346	173	2	of	of	ADP
fbem-29346	173	3	financial	financial	ADJ
fbem-29346	173	4	economics	economic	NOUN
fbem-29346	173	5	,	,	PUNCT
fbem-29346	173	6	2006	2006	NUM
fbem-29346	173	7	,	,	PUNCT
fbem-29346	173	8	82(3	82(3	NUM
fbem-29346	173	9	):	):	PUNCT
fbem-29346	173	10	519	519	NUM
fbem-29346	173	11	-	-	SYM
fbem-29346	173	12	550	550	NUM
fbem-29346	173	13	.	.	PUNCT
fbem-29346	173	14	229	229	NUM
fbem-29346	174	1	[	[	X
fbem-29346	174	2	21	21	NUM
fbem-29346	174	3	]	]	X
fbem-29346	174	4	helwege	helwege	PROPN
fbem-29346	174	5	j	j	PROPN
fbem-29346	174	6	,	,	PUNCT
fbem-29346	174	7	kleiman	kleiman	PROPN
fbem-29346	174	8	p.	p.	PROPN
fbem-29346	174	9	understanding	understanding	NOUN
fbem-29346	174	10	aggregate	aggregate	ADJ
fbem-29346	174	11	default	default	NOUN
fbem-29346	174	12	rates	rate	NOUN
fbem-29346	174	13	of	of	ADP
fbem-29346	174	14	high	high	ADJ
fbem-29346	174	15	yield	yield	NOUN
fbem-29346	174	16	bonds	bond	NOUN
fbem-29346	174	17	[	[	X
fbem-29346	174	18	j	j	X
fbem-29346	174	19	]	]	X
fbem-29346	174	20	.	.	PUNCT
fbem-29346	175	1	journal	journal	PROPN
fbem-29346	175	2	of	of	ADP
fbem-29346	175	3	fixed	fix	VERB
fbem-29346	175	4	income	income	NOUN
fbem-29346	175	5	,	,	PUNCT
fbem-29346	175	6	1997	1997	NUM
fbem-29346	175	7	,	,	PUNCT
fbem-29346	175	8	7(1	7(1	NUM
fbem-29346	175	9	):	):	PUNCT
fbem-29346	175	10	55	55	NUM
fbem-29346	175	11	-	-	SYM
fbem-29346	175	12	61	61	NUM
fbem-29346	175	13	.	.	PUNCT
fbem-29346	176	1	[	[	X
fbem-29346	176	2	22	22	NUM
fbem-29346	176	3	]	]	SYM
fbem-29346	176	4	hu	hu	PROPN
fbem-29346	176	5	x	x	PROPN
fbem-29346	176	6	,	,	PUNCT
fbem-29346	176	7	luo	luo	PROPN
fbem-29346	176	8	h	h	PROPN
fbem-29346	176	9	,	,	PUNCT
fbem-29346	176	10	xu	xu	PROPN
fbem-29346	177	1	z	z	X
fbem-29346	177	2	,	,	PUNCT
fbem-29346	177	3	et	et	PROPN
fbem-29346	177	4	al	al	PROPN
fbem-29346	177	5	.	.	PUNCT
fbem-29346	178	1	intra	intra	ADJ
fbem-29346	178	2	-	-	ADJ
fbem-29346	178	3	industry	industry	ADJ
fbem-29346	178	4	spill	spill	NOUN
fbem-29346	178	5	-	-	PUNCT
fbem-29346	178	6	over	over	ADP
fbem-29346	178	7	effect	effect	NOUN
fbem-29346	178	8	of	of	ADP
fbem-29346	178	9	default	default	NOUN
fbem-29346	178	10	:	:	PUNCT
fbem-29346	178	11	evidence	evidence	NOUN
fbem-29346	178	12	from	from	ADP
fbem-29346	178	13	the	the	DET
fbem-29346	178	14	chinese	chinese	ADJ
fbem-29346	178	15	bond	bond	NOUN
fbem-29346	178	16	market	market	NOUN
fbem-29346	179	1	[	[	X
fbem-29346	179	2	j	j	X
fbem-29346	179	3	]	]	X
fbem-29346	179	4	.	.	PUNCT
fbem-29346	180	1	accounting	accounting	PROPN
fbem-29346	180	2	&	&	CCONJ
fbem-29346	180	3	finance	finance	NOUN
fbem-29346	180	4	,	,	PUNCT
fbem-29346	180	5	2021	2021	NUM
fbem-29346	180	6	,	,	PUNCT
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fbem-29346	180	8	):	):	PUNCT
fbem-29346	180	9	4703	4703	NUM
fbem-29346	180	10	-	-	SYM
fbem-29346	180	11	4740	4740	NUM
fbem-29346	180	12	.	.	PUNCT
fbem-29346	181	1	[	[	X
fbem-29346	181	2	23	23	NUM
fbem-29346	181	3	]	]	X
fbem-29346	181	4	huang	huang	PROPN
fbem-29346	181	5	j	j	PROPN
fbem-29346	181	6	,	,	PUNCT
fbem-29346	181	7	chang	chang	PROPN
fbem-29346	181	8	k	k	PROPN
fbem-29346	181	9	,	,	PUNCT
fbem-29346	181	10	tian	tian	PROPN
fbem-29346	181	11	y.	y.	NOUN
fbem-29346	181	12	analysis	analysis	NOUN
fbem-29346	181	13	of	of	ADP
fbem-29346	181	14	macroeconomic	macroeconomic	ADJ
fbem-29346	181	15	factors	factor	NOUN
fbem-29346	181	16	affecting	affect	VERB
fbem-29346	181	17	the	the	DET
fbem-29346	181	18	corporate	corporate	ADJ
fbem-29346	181	19	bond	bond	NOUN
fbem-29346	181	20	yield	yield	NOUN
fbem-29346	181	21	spread	spread	VERB
fbem-29346	182	1	[	[	X
fbem-29346	182	2	j	j	X
fbem-29346	182	3	]	]	X
fbem-29346	182	4	.	.	PUNCT
fbem-29346	183	1	engineering	engineering	NOUN
fbem-29346	183	2	letters	letter	NOUN
fbem-29346	183	3	,	,	PUNCT
fbem-29346	183	4	2019	2019	NUM
fbem-29346	183	5	,	,	PUNCT
fbem-29346	183	6	27(1	27(1	NUM
fbem-29346	183	7	):	):	PUNCT
fbem-29346	183	8	120	120	NUM
fbem-29346	183	9	-	-	SYM
fbem-29346	183	10	130	130	NUM
fbem-29346	183	11	.	.	PUNCT
fbem-29346	184	1	[	[	X
fbem-29346	184	2	24	24	NUM
fbem-29346	184	3	]	]	X
fbem-29346	184	4	jesus	jesus	PROPN
fbem-29346	184	5	s	s	PROPN
fbem-29346	184	6	,	,	PUNCT
fbem-29346	184	7	gabriel	gabriel	PROPN
fbem-29346	184	8	j.	j.	PROPN
fbem-29346	184	9	credit	credit	PROPN
fbem-29346	184	10	cycles	cycle	NOUN
fbem-29346	184	11	,	,	PUNCT
fbem-29346	184	12	credit	credit	NOUN
fbem-29346	184	13	risk	risk	NOUN
fbem-29346	184	14	,	,	PUNCT
fbem-29346	184	15	and	and	CCONJ
fbem-29346	184	16	prudential	prudential	ADJ
fbem-29346	184	17	regulation	regulation	NOUN
fbem-29346	185	1	[	[	X
fbem-29346	185	2	j	j	X
fbem-29346	185	3	]	]	X
fbem-29346	185	4	.	.	PUNCT
fbem-29346	186	1	international	international	ADJ
fbem-29346	186	2	journal	journal	PROPN
fbem-29346	186	3	of	of	ADP
fbem-29346	186	4	central	central	ADJ
fbem-29346	186	5	banking	banking	NOUN
fbem-29346	186	6	,	,	PUNCT
fbem-29346	186	7	2006(2	2006(2	NUM
fbem-29346	186	8	):	):	PUNCT
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fbem-29346	186	10	-	-	SYM
fbem-29346	186	11	98	98	NUM
fbem-29346	186	12	.	.	PUNCT
fbem-29346	187	1	[	[	X
fbem-29346	187	2	25	25	NUM
fbem-29346	187	3	]	]	PUNCT
fbem-29346	187	4	jones	jones	PROPN
fbem-29346	187	5	e	e	PROPN
fbem-29346	187	6	p	p	PROPN
fbem-29346	187	7	,	,	PUNCT
fbem-29346	187	8	mason	mason	PROPN
fbem-29346	187	9	s	s	PROPN
fbem-29346	187	10	p	p	PROPN
fbem-29346	187	11	,	,	PUNCT
fbem-29346	187	12	rosenfeld	rosenfeld	PROPN
fbem-29346	187	13	e.	e.	PROPN
fbem-29346	187	14	contingent	contingent	PROPN
fbem-29346	187	15	claims	claim	VERB
fbem-29346	187	16	analysis	analysis	NOUN
fbem-29346	187	17	of	of	ADP
fbem-29346	187	18	corporate	corporate	ADJ
fbem-29346	187	19	capital	capital	NOUN
fbem-29346	187	20	structures	structure	NOUN
fbem-29346	187	21	:	:	PUNCT
fbem-29346	187	22	an	an	DET
fbem-29346	187	23	empirical	empirical	ADJ
fbem-29346	187	24	investigation	investigation	NOUN
fbem-29346	187	25	[	[	X
fbem-29346	187	26	j	j	X
fbem-29346	187	27	]	]	X
fbem-29346	187	28	.	.	PUNCT
fbem-29346	188	1	the	the	DET
fbem-29346	188	2	journal	journal	PROPN
fbem-29346	188	3	of	of	ADP
fbem-29346	188	4	finance	finance	NOUN
fbem-29346	188	5	,	,	PUNCT
fbem-29346	188	6	1984	1984	NUM
fbem-29346	188	7	,	,	PUNCT
fbem-29346	188	8	39(3	39(3	NUM
fbem-29346	188	9	):	):	PUNCT
fbem-29346	188	10	611	611	NUM
fbem-29346	188	11	-	-	SYM
fbem-29346	188	12	625	625	NUM
fbem-29346	188	13	.	.	PUNCT