Abstract: This paper first selects the price earnings ratio, real estate price growth/real GDP growth, real estate investment/fixed asset investment, real estate development loan growth/growth rate of total loans from financial institutions, developed land area to be developed/year land acquisition area by real estate development enterprises, which are the five measurement indicators, for analysis. Then, by calculating the year on year growth rate, the historical data are compared directly. The results show that the ratio of Chinese real estate earnings is much higher than internationally accepted standard; there is overheated investment in China's real estate industry; the real estate development enterprises' “hoarding” intent is very obvious; China's housing prices have obvious bubbles. Finally, from the perspectives of real estate credit policies, land supply, curbing speculation, increasing supply, suppressing opportunist investment and tax policy adjustments, suggestions are made to suppress China's housing price bubbles.