Do you think real estate companies can be bankrupt? what are the factors that can tell you it can be bankrupt?

Yes it can in the following cases:

1- Start-ups with vulnerable financial model built on high debt ratios versus weak or no equity.

2- Fail to deliver a project with discontinuity of projects pipeline securing enough cash-flow OR lack of a financial model backed-up with securitization to help the company floats at market flips.

3- When a company portfolio doesn't include enough assets Or equity to stabilize its balance sheet.

4- When bankruptcy is used as an exit plan by the shareholders to cut loses Or change market strategy.

5- Overdraft of sales versus construction & delivery can stress the company cash-flow due to high spending on construction versus delayed recognized revenues from handovers & this is likely to happen in countries applying escrow accounts. 

6- Abrupt change in developments costs (land cost, hard cost, currency) higher than estimated contingencies.

7- Failure in collection.

I believe real-estate companies can become bankrupt depending on whether or not all their investments and projects are local, multinational, or international.

I say this because the status of real-estate companies depend on the economical situation of the country because their rise and fall go hand-in-hand.