Real　estate　enterprises　are　capital-intensive.　Capital　gives　a　great　impetus　to　the　development　of　real　estate　enterprises.　Under　the　current　macro-control　policies,　however,　the　financing　channels　of　real　estate　enterprises　are　getting　narrower　and　narrower.　It　is　becoming　more　and　more　difficult　to　finance,　which　leads　to　rising　risk.　The　paper　measures　financing　risk　of　real　estate　enterprises　through　the　quantity　model　of　financing　risk　that　obeys　normal　distribution.　It　concludes　that　the　real　estate　financing　risk　has　increased　by　a　large　margin　with　frequent　introduction　of　macro-control　policies　these　years.　Financing　risk　is　the　main　one　in　real　estate　enterprises,　which　means　macro-control　policies　can　strongly　affect　real-estate　financing　risk.　On　the　basis　of　the　researches　about　financing　risk,　this　paper　puts　forward　relevant　policy　suggestions　to　prevent　financing　risk　and　promote　stable　and　healthy　development　of　real　estate　industry.　©　2013　American　Society　of　Civil　Engineers.