Abstract: Under the strict control of the current real estate,the private lending,to some extent, weakens the effect of the government financial regulation on the real estate market.At the same time,the private lending contains the great risk.Due to the lag of the rule of law and the absence of the regulatory regime,the private lending divorced from the existing financial regulatory system.Through a comparative analysis,this paper points out that,China should learn from the success of the legislative experience in Hong Kong and the United States and to improve the legislation in the aspects of the main qualification, interest rate restrictions,the validity of the contract,and trans-regional operations,etc.Meanwhile, China should build the regulatory system of the private lending in the current financial regulatory mode to regulate the risk and avoid the regulation error and promote the healthy and orderly development of the real estate market.