Abstract:Based on some qualitative analysis of the macroeconomic 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 macroeconomic control on real estate industry risks. The empirical results prove that most companies fluctuated significantly during the macroeconomic control process. That is, macroeconomic control had affected the market risk of real estate industry, but in different degrees. These macroeconomic controls just act as what they were expected.