Based on some qualitative analysis of the macroeconomic control policies on real estate industry, this paper estimates the market risk coefficient (β) for listed companies in real estate industry，then tests the stability before and after several policy announcements, to explore the effects of macroeconomic control on real estate industry risks. The empirical results prove that most companies fluctuated significantly during the macroeconomic control process. That is, macroeconomic control had affected the market risk of real estate industry, but in different degrees. These macroeconomic controls just act as what they were expected.