Since Shanghai first established the housing provident fund system in 1991，the housing provident fund has played the policy role of housing finance.However，with the soaring house prices，the housing provident fund system faces such a situation：“not to advance is to go back”.The system needs a timely reform.Under this background，the public hope to build housing financial institutions.This paper starting from the correlation analysis of the existing housing provident fund system and the advanced experience of all countries，aims to study the effect and influence in real estate development of establishing housing financial institutions.