Huaqiao Farm was set to settle returned overseas Chinese in special historical period. With the development of market economy, Huaqiao Farm confronts the transformation from state-owned enterprise to subject of market economy. The paper started with the analysis of the reform of Huaqiao Farm and its current situation, then conducted the discussion of the problems in reform, at last, it analyzed the attempts of transformation which included the meaning, contents, derivative problems, economic and social benefits of transformation. <<