Abstract: With the continually rising house prices, real estate companies’ financing and operation state is paid more and more attention. In this context, this paper uses the DEA method to systematically analyze financing and operation state of China's listed real estate companies in two stages. The results show that the overall financing and operation state of China's listed real estate are low efficiency, the sub-prime mortgage crisis has caused huge negative impacts on the our country’s listed real estate companies, the invalid operation of listed real estate companies are mainly due to invalid financing, and financing difficulties are mainly reflected in the equity financing difficulties. Finally, we put forward some suggestions on China’s listed real estate companies’ operation development based on the analysis of the results.