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The real estate price of China goes high since the boom of economy in 2003.Beijing as the capital and big city,the real estate price much higher than the usual level,especially the Housing Price to Income Ratio is too high.In the long run,the price is the phenomena of the estate bubble.The America sub-prime crisis is the outcome of the real estate bubble,which stroke the economy severely.The fluctuation of real estate is the key factor of macroeconomics.According the study,the real estate of Beijing is obviously high bubble level.