The current reformation of communal economy in rural area is another important change and explosion for the institution of property in China. Generally with share collaboration as its main form，this reformation resets the property right relation between the community and individual，divides their own right and duty. It aims at creating new institution of property，that is，combination of ‘privately owned’ and ‘communal owned’，thereby promoting the elements（e.g. land）into the market and establishing the standing mechanism for problems of agriculture，rural and farmers. Based on the current situation of share cooperatives in Beijing，this article makes a brief review of the history，specific form and initial effects of this reformation，analyses its problems，including the legal status，the right of new population，the flow and inheritance of share，the structure of governance，and gives some tentative suggestions.