The development of China’s real estate market in the 30 years after the reform and opening-up can be roughly divided into 5 stages，has experienced the 5 stages，namely formation period，over-heat period，market adjustment period，period of taping new source of economic growth and macro-control period. The development and flourishing of China’s real estate market mainly result from the reform of urban housing system and of the system of using the State-owned land in the urban areas. In the end，the chapter summarizes the achievements in reform and development of real estate market.