Analysis on the Dilemma of Regulating China's Real Estate Market--Based on the Mixed Game Model of Five Parties Involving in the Real Estate Market

China's real estate market involves many main parties, different interests, and complicated relationship. The regulations on real estate market should not only consider the main interests of the parties involving, but also consider the economic trend as whole, so it's evitable that the regulation encountered the dilemma. In this article, by including the central government, local government, real estate developer, bank, and assessment agencies in the analysis framework and building the five parties game model, we explore a balanced solution through taking the different interest groups into the consideration. The result shows that fluctuation in the house price relates to factors like interest rate, construction of affordable housing, and the activity of assessment agencies, etc., therefore, regulating the housing price have great impact on the economy as whole. Finally, we interpret the current regulation dilemma and provide policy recommendation for the government.