When　common　policy　produces,　government　will　face　the　contradiction　of　two　value　orientations:　equity　and　efficiency.　Modem　government　always　makes　option　between　equity　and　efficiency　during　different　history　periods.　Especially　in　the　field　of　real　estate,　where　there　are　housing　products　with　different　characters,　such　as　private　product---commercial　housing　property,　and　quasi　products-economical　&　suitable　housing　property　or　rent-cheap　housing　property.　These　housing　products　as　costly　and　durable　consumer　goods　have　close　relationship　with　people＇s　life.　Chinese　government　macro-control　policies　of　real　estate　industry　take　the　effect　of　directions　for　many　years.　Especially　during　interim　of　planned　economy　turning　to　market　economy,　government　macro-control　policies　manifest　this　effect　even　more.　This　paper　analyses　government　macro-control　policies＇　mechanism　in　immature　market　environment　of　Chinese　real　estate　industry,　and　forecasts　future　value　orientation　of　Chinese　housing　macro-control　policy.