The logic of China's real estate development has undergone fundamental changes. The traditional real estate development model of "land acquisition-development-pre-sale" has come to an end, and only a few oligarchs will remain in the future; The investment, development and operation of the city's existing assets will be the biggest outlet for the next round. The business model of "acquisition of assets-operation of assets-appreciation of assets" of the existing real estate will be the main operating idea of future assets. This paper finds that adopting the new business model can maintain the internal rate of return of existing assets of 15% or higher, which is conducive to asset investment returns and appreciation and preservation. The greater role is to revitalize the urban existing housing market and stimulate market development potential. <<