Abstract: The transformation of real estate enterprises is an urgent task that the development of China's real estate industry faces in the New Normal. Outlining the basic paths of the transformation based on theoretical analysis and empirical observation, combining the survey data of 75 real estate companies in the country and using logistic regression model to empirically test the transformation path of real estate companies, this paper analyzes the influencing factors of real estate company transformation. The results show:(1) The basic paths of real estate enterprise transformation can be divided into 4 categories, namely, the product market path, the industrial chain path, the cross-industry path, and the management system optimization path; (2) Among real estate enterprises, small and medium-sized ones tend to choose the product market path and the industrial chain path, while large-sized ones are more inclined to implement diversified development by the cross-industry chain paths, and management system optimization is the common path basic for the transformation of various real estate companies; (3) The transformation is affected by a variety of factors such as enterprise size, industry extension, sale direction, and brand influence, and there are also differences in the factors that affect the path chosen by different types of real estate companies. From the above, real estate companies should adjust their development concepts and business strategies in a timely manner to find new development methods and paths suitable for their own conditions.

Key words: real estate industry, transformation of real estate enterprises, transformation path, logistic regression analysis