Corporate governance structure has a direct impact on their performance, and the ownership structure is the basis of corporate governance. An appropriate equity structure could help improve the corporate governance structure and therefore enhance corporate performance. Based on data of real estate listed companies in Shenzhen and Shanghai, using multiple regression method, we established a multiple regression model in this essay. With the help of statistical software EVIEWS5.0, we studied the correlation between state-owned shares ratio, legal person shares ratio, outstanding shares ratio, as well as the company's largest shareholder's holding ratio and the corporate performance of the real estate listed companies in Shanghai and Shenzhen, in an effort to find a more effective equity structure.