In 2018，the Guiding Opinions on Regulating Asset Management Business of Financial Institutions and a series of supporting policies were issued，which marked the formation of a new regulatory framework in the field of asset management and had a far-reaching impact on the business structure of trust industry. The development direction of equity investment business conforms to the guiding principle of” new regulatory framework because of its emphasis on refined and differentiated management and its product attributes of investment. Meanwhile，with the tightening of the real estate industry’s regulation and the climbing of the leverage ratio，the financing needs of real estate enterprises gradually diversified，and the trust company’s product design has gradually become specialized，refined and customized. “Trust” plus “Investment fund”，the innovative business structure，has become the most important real estate equity trust business model at this stage. This paper reviews the development of domestic real estate equity trust，and its organizational forms. Emphatically，the author discussed the main modes of trust companies participating in real estate equity investment In addition to this，from the perspective of risk management，the author suggested that trust companies should establish a set of risk management system and risk assessment criteria that meet their own needs and business reality according to the characteristics of equity investment.