China’s urban real estate has being developed rapidly as well as unsteadily since the beginning of the Eleventh Five-Year Plan. Based on the analysis of the characteristics of real estate regulatory policies，some problems of China’s real estate development will be revealed in this article，such as supply structure disequilibrium，rapid growth in house prices，lack of affordable housing，serious “land finance” phenomenon，and high financial dependence etc.. In addition，through the analysis on the causes of these problems，the development direction，corresponding counter-measures and some suggestions to further regulate the property market，to vigorously construct the affordable housing in the period of “the Twelfth Five-Year Plan”.