Coming to 2019，with the announcement of several regulatory documents from China Banking Regulatory Commission （CBRC），the AUM of Trust Companies has been further restricted by the authority. In this industrial background，as traditional debt financing business has been controlled and tightened，equity investment in real estate industry is becoming new critical business model for trust companies’ adventure. This article discusses on equity investment model，investment directions，industrial background and possible obstacles in future development，also focuses on different perspectives of systematic and non-systematic risks，eventually explores a sound methodology on risk measures in equity investment of real estate business.