In recent years, the real estate market of China excessive and overheating development, government has introduced a variety of policies to control the development of real estate industry. This paper analysis the effect of currency supply、interest rate and real estate tax to property investment using ECM model and the monthly data over the period 2007-2015.The results show the currency supply and real estate tax has significant influence on property investment, and interest rate has not. Moreover property investment would increase with raising the currency supply, and would decrease with raising interest rates and property taxes.