Real estate industry is inseparable from urban development. In recent years，China’s urban development has gradually transformed from incremental expansion to stock renewal，especially in large and medium-sized cities. The real estate industry，which used to be characterized by new land development，is facing many difficulties such as prolonged construction periods，reduced investment returns，and complicated property rights disposal in the process of social and economic changes. It is urgent to find new operation and investment models. This paper focuses on the transformation demands and practical exploration of the real estate industry in the era of stock renewal，compares it with the incremental expansion period，and discusses the future trend and challenges of the real estate industry from the perspective of urban renewal.