With the real estate macro-control policies carried out in China, an increasing number otf real estate enterprises are facing huge financial pressures, especially bankrupts for small and medium-sized real estate enterprises.This paper analyzes the impact of Chinas macro-control to the financing structure of small and medium-sized real estate enterprises theoretically and empirically, and proposes that the capital structure of small and medium-sized real estate enterprises consist of four components: the own funds(including equity financing funds), the housing revenues, the construction unit loaning and the credit funds.This study concludes that the financing structure of small and medium-sized real estate enterprises is closely related to Chinas macro-control, and Chinas macro-control has no significant influence on the more autonomous part of the finance structure while significantly influence on the less autonomous part.Based on the conclusions, this paper provides some policy recommendations for both the small and medium-sized enterprises and the state so as to help the small and medium-sized enterprises and ensure the steady and healthy development of Chinas real estate market.