Real estate has experienced a golden decade of development, especially in 2016, the national housing prices began to rise sharply, rising sharply from the first and second-tier cities, and then spread to the third and fourth-tier cities. In this context, on September 30, 2016, the state launched a new round of real estate regulation. In the second half of 2018, a lot of hot land in cities began to flow in China. At this stage, on the one hand, real estate enterprises can not get land in the traditional bidding and hanging land market because of price or confidence, on the other hand, enterprises continue to have difficulties in financing and repayment, and cash flow is becoming more and more tight. But "danger" and "opportunity" are often closely linked, and the time for large-scale acquisition and acquisition of Housing enterprises is also beginning to flash. However, the success of mergers and acquisitions depends on many factors, such as the choice of entering the city, the merged enterprises, the choice of target land, and the depth and breadth of investigation and understanding of the merged parties in the process of implementation. It not only examines the degree of control of the purchased enterprises over the national economic and policy trends, but also requires rigorous and effective legal and financial due diligence in the implementation of mergers and acquisitions. Investigation to mitigate M&A risks. Therefore, real estate mergers and acquisitions require very high professionalism of the personnel involved in the implementation, but for policy, taxation, finance, law and other professional experienced practitioners are often concentrated in the top 50 or even the top 10 large-scale housing enterprises in the country. A large number of real estate enterprises are inexperienced in the operation of acquisition and acquisition, which may cause huge economic losses if they are not careful. In fact, the author participated in the negotiation, drafting and validation of many M&A agreements of North China Real Estate Company of the United States, led many M&A legal due diligence investigations, and had rich practical experience in the key control points of M&A projects and the design of transaction modes. This paper makes a detailed analysis of the city of strategic entry, the selection criteria of M&A targets, the specific process of M&A implementation, due diligence and tax collection skills of North China Real Estate Group of America. At the same time, it uses M&A examples and SWOT method to analyze and clarify the detailed control of real estate acquisition and acquisition. The innovation of this paper is that as the practitioners of M&A of real estate enterprises, they have carried out a comprehensive and detailed analysis of the practical operation of M&A, but not limited to the case of micro-analysis, but first analyzed the macro-factors that determine the timing of M&A, such as the real estate cycle, population concentration and migration, with a view to providing some reference for China's M&A of real estate enterprises, so as to avoid and reduce it. Purpose of the acquisition enterprise falling into the trap