This paper selects 68 real estate listed companies of 2008 in Shanghai and Shenzhen stock markets as research samples. A system was created to analyze and predict China's real estate listed companies' financial risk using factor analysis. On the basis of the system, we establish the Logistic financial risk early warning model, and finally test the predictive ability of the model with the sample data of 2011. The results show that the comprehensive early warning indicators can basically reflect the actual situation of listed companies.