For long time，many researches have concerned a lot about the collapse of Japanese real estate’s bubble，which exists some misunderstanding. After the war，the Japanese real estate market has gone through five major stages of development，and has arisen three times of the real estate bubble. But only the real estate bubble from 1986 to 1991 eventually collapsed totally. Currently，the real estate market in China bears a striking similarity to the stage of rapidly increasing of the Japanese real estate. The author thinks that，from the perspective of long-term overall trend，there still is room for growth in urban real estate market of China. But that does not rule out the crash of the housing bubble in some areas and individual real estate project.