This paper lists the views debated about Chinese real estate market bubbles on both sides，and it gives the theoretical and practical bases about China’s real estate bubbles occurred. The paper point out that real estate market is a market that bubbles easily occur，and adequate money supply，policies encouraging housing consumption，land auction，the weakening real economy，etc.，are all provide possibility for the real estate market bubbles. The real estate bubbles are the cause of real economy weakening and also the result of it. The paper stresses that real estate should be the people’s livelihood，and it is inappropriate that make the real estate industry as one pillar industry of China’s next round economic growth.