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Chinese real estate industry develops rapidly in recent years. However, it is urgent for real estate enterprises to improve productivity. In this paper DEA-based Malmquist model was used to evaluate and decompose productivity of listed real estate enterprises. Empirical results show that they experience productivity decline in most of years mainly because of efficiency decline, and most of them experience productivity decline as well as efficiency deterioration. However, most of them experience technological advances. Therefore, Chinese real estate enterprises should improve their managerial efficiency.