Choosing 120 listed real estate companies in Shanghai Stock Exchange and Shenzhen Stock Exchange as researching object, using 2009-2011 year financial report’s data, this paper analyzes the cash holdings status of listed real estate companies through the descriptive statistics and independenet-samples T test. Setting up regression models to analyze the influence factors and effect of decision-making of cash holdings. The result shows that: high cash holdings exist in the listed real estate companies; profitabily has significantly positive relation with cash holdings; debt level is negatively correlated with cash holdings; cash holdings have significant positive influence on performance.