It seems no doubt that the housing price in megacities is rising too high and too fast，however it is still too harsh to make the conlusion. Regarding the cause of housing price rising，some researches attribute it to the classification of urban administrative regime，and on macro-level，due to unbalanced development. It is necessary to distinguish between normal housing price rising and real estate bubble and clearify the accuracy of data. Forgein economists worry there is bubble，yet hesitate to predict whether it will be collapse. Researches have suggest that classification of real estate policy and break government monopoly on land will be the solution. We believe the real estate regulation policy should be stable and market-oriented.