Chinese real estate enterprises which undergo a tim e of dramatic changes are confronting a series of c omplex and unprecedented problems including a slow economic gr owth, the adjustment of industrial structure and th e elimination of outdated capacity. Under this circum stance, the innovation of business model is the key to obtain competitiveness for these enterprises. Based on the elements of the business model which involve value proposition, value creation, value maintenance and value network , this paper, taking the macro-environment changes into consideration and with the Evergrande Group as an e xample, presents an innovative route to real estate business model and illustrates the cycle process of innovati ng business model.