The outbreak of new Coronavirus pneumonia （NCP） has a significant negative impact on the short-term operation of real estate. The demand for home purchase will disappear，and the first quarter will be dismal. The land transfer will be delayed，and the enterprises will be postponed to work. The cash flow of the real estate enterprises will be tight，and the debt pressure of the SMEs will be great. The monetary and fiscal policies will be improved. In the medium and long term，the negative impact of the NCP is greater than that of SARS. After the epidemic，the industry rebound will be weak，and the potential impact may continue to the second half of the year. The epidemic situation will lead to intensified differentiation of the real estate market，greater pressure on small and medium-sized cities，and further improvement of the market concentration of real estate enterprises. The control rate of office buildings will increase，the rental price and property selling unit price will decline. The penetration rate of remote office will increase，and small and medium-sized enterprises will try to share office or merge office more. And brand property companies with good service，standardized management and professional responsibility will be more popular.