Traditional real estate enterprises play an important role of Chinese economic development. With the further development of Chinese economic development, real estate enterprise faced with the problem of transformation. Based on the present situation of the real estate industry, this paper gives an analysis of transformation mechanism, and constructs two stage fuzzy DEA evaluation model, choosing 7 Chinese listed real estate enterprises for evaluating and comparing transformation efficiency. It is concluded that the efficiency of China's real estate enterprises is overall low, transformation of business mode and operating mode are likely to be the successful transformation paths.
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