This thesis intends to explore the difference in how the real estate companies are financed between China and U.S, via a comparison case study of Vanke (000002 SHE) and AvalonBay Communities, Inc. (AVB NYSE). To answer that question, we have to explore in detail the financing needs of the two companies based on their operating conditions and financial dispositions. An evaluation on corporate capital efficiency is thus necessary. This thesis intends to analyze the two companies from perspectives of profitability, solvency and operating conditions. Furthermore, the analysis results are synthesized based on Financial Matrix model to explore the capital structure and financing needs of the companies. With the analysis results of the capital structure and financing needs of the companies, the thesis will explore the major external financing instruments applied in the companies, which hopefully indicates tip of the iceberg. The analysis will be developed with three basic questions: how are the instruments applied? How do the instruments help the development of the companies? What are the internal and external factors affecting the selection and usage of the instruments? Based on the analysis of financing instruments applied by the companies in our case study, this thesis intends to summarize and potentially generalize the differences.