ICCREM 2018: Construction Enterprises and Project Management

Compared with traditional financing mode of construction, public-private-partnership (PPP) mode has the great opportunity that private enterprises develop rapidly and solved the shortcomings that the amount of infrastructure investment is large and governments lack funds. Thus PPP mode is being adapted extensively. The keys to successfully implement PPP mode are effectively identifying and analyzing risks in PPP projects, in order to achieve the risk management of PPP projects. The research is aimed to establish a risk analysis model of PPP projects combining the sensitive analysis and Monte Carlo simulation. Then it uses a real case “Shijiazhuang International Exhibition Center” to verify this model and proposes strategies to deal with the main risks. The result of this case study proved effectiveness of the proposed model, which can be used in further risk analysis of PPP projects.

There is sorely a need to engage multi-sector stakeholders (e.g., local community, government, private sector) in collaboratively facilitating the resilience of our built environment. However, different stakeholders could make different decisions on disaster resilience; such differences are deeply rooted in the different value systems of the stakeholders. Stakeholder value systems are defined as a ranked system of things that are of importance and utilities to the stakeholders. There is a need to integrate the value systems of multi-sector stakeholders with resilience decision making to support stakeholder collaboration. To address the need, this paper focuses on understanding and analyzing the value systems of different stakeholders for disaster resilience in residential buildings. The disaster resilience concepts were identified from domain literatures and systematic interactions (i.e., interviews, survey) with stakeholders. Both responsible stakeholders and impacted stakeholders were involved in the study. The results show that there is a significant difference in the stakeholders’ perspectives on the priority of disaster resilience. This research could improve stakeholder-centered decision-making to support more resilient built environment.

With the rapid economic development and the deepening of the Internet, brand as the core competitiveness of long-term development of enterprises, its role is more and more obvious. In recent years, each agency issued a brand value assessment report, the rankings of various companies vary greatly. This article first summarizes the current domestic and international research on the theory and method of brand value, brand value, and brand value evaluation. Then simply introduced the relevant theories of domestic and foreign scholars on the evaluation of brand value and brand value, and the traditional methods of brand value evaluation and representative methods at home and abroad, such as the world famous brand value assessment agency World Brand Laboratory, Interbrand, Brand Finance, Financial World Law, Beijing famous brand asset appraisal company, and real estate T0P10 research group released comparative evaluation method. Analysis of the characteristics of various methods and explore their shortcomings and deficiencies, can be summarized to improve the direction. With a view to promoting the development of our country’s brand value evaluation method and providing a reference for our country’s brand value evaluation practice.

Construction of new utility lines is increasing nationwide especially with trenchless technology techniques like microtunneling. Microtunneling contractors estimate the project’s duration heuristically covering project’s uncertainty by high contingencies. Supplying microtunneling contractors with a prediction model of project’s penetration time is the purpose of this paper. Project’s duration is consumed in three activities: soil penetration, pipe preparation, and delays. Data from thirty-five microtunneling projects were collected. Regression with real data, which is a probabilistic based regression, has been used. Models were classified based on soil type and contractor’s performance. While contractors can use these models to appraise the work of the project team, the researchers can utilize it to analyze the process in greater detail.

Infrastructure plays an important role in promoting short and long-term economic growth. However, due to the nature and characteristics of infrastructure projects which requires large amount of capital, private involvement in infrastructure development, also known as public-private-partnership or PPP, has therefore become an alternative to traditional public procurement. The main arguments for deploying PPP are three folds. First, PPP helps governments tap private resources for funding needed investment in infrastructure projects. Second, private’s expertise in managing an infrastructure project is highly recognized. And, finally, PPP is believed by many to be delivered in a manner that is more cost-effective than the traditional methods. However, the perception that PPP provides value for money (VfM) over traditional procurement still lacks empirical evidence, especially in Thailand. Accordingly, the main objective of this research project is to develop a computational model that can compare the life cycle cost (LCC) of public and PPP infrastructure projects. Data collection from a group of public and private transportation projects in Thailand will be employed to compare the average life cycle cost between them. The results of this study will provide additional empirical evidence to the body of knowledge in the field of infrastructure management.

With the advance of technology, there are many ways to build a building. In the early stage of construction project, forecasting the cost to select the optimal scheme is an important step. Past projections of cost have focused only on its number. However, we not only need to study the value of cost, but also study the probability of expenses. This problem could be solved scientifically by Monte Carlo, which is a method of calculating and simulating by the statistical law of random numbers. This paper selects a bridge for empirical research. The mathematical model is constructed based on the net present value of the total life cycle cost. By the method of Monte Carlo, predicting the total life cycle cost of reinforced concrete and steel structure, gaining the probability distribution of the net present value of the cost of each scheme, then choosing the best option. This method takes the uncertainty of all costs into consideration. It provides scientific method and theoretical basis for decision making.

Currently, some developments have been made in Chinese surety area, especially in experimental cities. However, there are still many serious problems in this industry, such as opportunism and frequent bankruptcy of surety companies, which basically result from the lack of supervision and regulation of the construction surety market. At present, there is no clearly designated regulatory authority to govern the construction surety market in China. Based on these reasons, this paper innovatively proposes building a construction surety reinsurance company with a quasi-public function (CSRE) to achieve the governance of CSRE. Then this paper initially gives the definition of CSRE and states that CSRE should be operated under the low-profit mode with public interests. In order to verify the feasibility of its low-profit mode, a mathematical model has been built to analyze the optimal premium that guarantees CSRE’s low-profit operation. Its validity has been proven in terms of the surety industry data in Shenzhen.

Based on the research of the urban underground utility tunnel and the PPP mode, 13 factors affecting the investment of utility tunnel project are identified from the perspective of social capital. Then by combining qualitative analysis and quantitative analysis, we use the interpretative structural modeling (ISM) to analyze each factor, clarify the hierarchical structure of these factors, find out the intrinsic relationships among them, and divide 13 factors into deep factors, middle factors, and superficial factors according to their influencing level. The research shows that among all the influencing factors, the risk of policy system, and the huge amount of investment are two deep factors that affect the social capital investing in the utility tunnel based on PPP mode. Therefore, local governments need to establish a regular legal and policy environment for social capital to invest in PPP projects and seek for a more cost-effective construction mode to reduce construction costs so as to attract more social capital to participate in the PPP project.

Nowadays, more and more firms put emphasis on the promotion of job performance to achieve sustained competitive advantage. Although employee competence has been identified as an important independent variable as job performance, most of the current research investigates the direct effect of employee competence on job performance, and the internal mechanism has not yet received much attention. Drawing from the theory of employee competence and person-job fit, we hypothesize that person-job fit plays a role in the relationship between employee competence and job performance. Our findings indicate that employee competence has a significant positive effect on person-job fit, and person-job fit plays a meditating role in the process of employee competence influencing job performance. This study makes a particular contribution to the literature by providing a more complete understanding of how person-job fit plays a role in the relationship between employee competence and job performance. In terms of managerial implications, our results indicate firms should pay particular attention to nurturing person-job fit as a pathway to realize the full value of employee competence.

Large infrastructure inevitably goes through update and maintenance. Different retrofit and maintenance schemes on infrastructure not only have different cost, but also have different degrees of influence on the society. Therefore, the development of a low-cost and weak-impact maintenance scheme is necessary. In this paper, based on the different degrees of deterioration, quality, and safety accidents, four retrofit and maintenance schemes on transport infrastructure: repair, reinforcement, replacement, and reconstruction are proposed with an urban bridge as an example, and evaluation of retrofit and maintenance schemes based on the value engineering theory (VE) is developed. The paper’s main content includes establishing an indicator system for evaluating the comprehensive impact and the estimation methods of maintenance costs aiming at different schemes in order to calculate value coefficient of different schemes. Comparison among retrofit and maintenance schemes based on VE can achieve the balance of government’s maintenance costs, residents’ satisfaction, sustainable development of infrastructure, and environment protection.

The healthcare industry accounts for one-seventh of the U.S. gross national product (GNP) and faces new challenges every day. Public policy is continuously creating new regulations, technologies, and organizations. Healthcare facility managers must quickly respond to these challenges by upgrading and updating their facility conditions. This research investigates the potential of computerized maintenance management system (CMS) to integrate data for the equipment lifecycle, provide information, and decision support to the capital renewals needs. The data is collected via a questionnaire from the experts of the healthcare facilities in Indiana. This study investigates various systems and factors in hospitals and outpatient facilities to evaluate and estimate the criticality of the equipment. The next step is to integrate these factors into one comprehensive model. The developed assessment model includes the facilities’ physical conditions, infection prevention, life safety, and revenue loss aspects. The developed model is based on analytic hierarchy process (AHP). It will be implemented in the computerized management maintenance system platform to assist in the decision making process of the capital renewals needs. The developed model will help the healthcare facilities managers to prioritize the budget allocation and to reduce the impact of consequences of failure in any building component, which will improve the healthcare infrastructure buildings.

This study focuses on the evolvement process of organizational model in Chinese megaprojects under the effects of “Government and Market” in different periods. Multi-case analysis method was employed to analyze the multi-level organizational evolution and generation mechanism. In addition, relevant data were collected through public publications, network, field studies, and interviews of typical case projects. Megaproject organizations are complexity-adaptive systems, and institutional changes directly influence its evolution. Since the megaprojects have introduced, digested, and absorbed the market mechanism under the transformation of institutional logic, the organization of megaprojects has evolved adaptively into complex multi-level system. This study attempts to propose a conceptual framework of political and market factors affecting the paths of organizational evolution, hopefully providing guidance to Chinese megaproject practices, and laying foundation for the theoretical development.

Chinese construction industry is developing rapidly, and the attention of the enterprises to the construction safety evaluation is also increasing. However safety assessment technology is not perfect. The main reason is that construction safety is influenced by complicating factors, and it's hard to realize effective safety assessments. Considering the construction characteristics and the shortcomings of the current safety evaluation technology, construction safety evaluation index system is built based on expert evaluation method and accident cause theory. Rosetta is used for attribute reduction. The RS theory is used to calculate the importance of each index and to improve the objectivity of weight. The concrete steps of establishing the safety evaluation model are discussed in detail, and it provides method to extract effective evaluation index and to evaluate the safety of construction objectively and comprehensively.

Corporate social responsibility (CSR) is closely related to corporate reputation, which is crucial to all enterprises, especially to those who want to engage in overseas projects. However, the fulfillments of social responsibilities vary among different construction enterprises. Identifying factors that impact the construction enterprises most in fulfilling social responsibility helps the enterprises fulfill their social responsibilities, and therefore enhancing their reputations. Through literature review and questionnaire survey, this study identifies factors that affect the fulfillment of social responsibility of construction enterprises. A questionnaire containing 16 potential factors that may affect construction enterprises in fulfilling social responsibility was designed based on previous research on social responsibility of general enterprises. The questionnaire was distributed to 150 professionals who work in construction industry and a total of 112 valid questionnaires were received and used as the data of this study. Ten factors which affect construction enterprises in fulfilling social responsibility were finally identified through principal component analysis (PCA). The findings indicate that construction enterprises should accurately judge the external environmental factors and combine the company’s strength to fulfill CSR.

The stakeholders of the utility tunnel PPP project are more numerous, and the relationship between them is more complicated compared with the project adopting the traditional model. The stable relationship and the unanimous goals between the stakeholders can lead to the success of the project. So, in order to make the project a success and exert the advantages of the PPP model, it is necessary to do the dynamic study of the stakeholders of the project. This paper takes the whole life cycle as the angle of view to divide the operation process of the utility tunnel PPP project into stages; defines the main stakeholders of the project based on the literature research method and the generalized stakeholder theory, combined with the analysis of typical cases, and analyzes their roles and effects based on literature research and generalized stakeholder theory. In the end, the path of entry and exit is analyzed by using graphics to describe the participation of each stakeholder. And I hope to lay the foundation for the follow-up study of the relationship among the stakeholders and the improvement of the synergy effect of the organization.

Based on social learning theory and social exchange theory, this research probes into the influence of authentic leadership on the unethical pro-organizational behaviors from the team level, and studies the role of organizational identity, firstly constructs the relationship model between authentic leadership and employee’s unethical pro-organizational behavior, and introduces organizational identity as mediating variable. By regression analysis of collected data, it is found that authentic leadership is positively related to the unethical pro-organizational behaviors, among which the relationship between authentic leadership and unethical pro-organizational behavior is mediated by organizational identity.

To solve the efficiency of existing public-private-partnership (PPP) projects and achieve win-win between government and social capital, an equilibrium model of revenue sharing contract (RSC) structure in existing PPP projects is constructed based on the theory of share tenancy. According to the key parameters of RSC structure, the mathematical model is built by using the Lagrange multiplier method, and the geometric model is established through adopting the dynamic equilibrium method. The mathematical solution is obtained with the constraint of maximizing income of both parties, and the geometric solution is acquired through dynamic equilibrium analysis. It is verified that the two equilibrium solutions are completely consistent. The research results are analyzed at length to show Pareto optimum of the RSC and the win-win between government and social capital in existing PPP projects under equilibrium conditions.

Qualified with benefits in the aspects of environment, economy, and society, urban rail transit presents a rapid development in China during recent decades. Increasing initiatives and practices with views to facilitate people's lives and intensively utilize land resources have been engaged. Accordingly, urban rail transit stations with multi-layer structure integrated in three-dimensional space have been designed and built in many cities. Due to the complexity of the rail transit stations, there is a need to identify those high-risk nodes in the stations and develop relevant risk management strategies. Therefore, this paper introduces a new approach to identify high-risk nodes in the urban rail transit stations through field investigation and complex network analysis. The Chongqing Lianglukou rail transit station was selected for case study. With the determined high-risk nodes, rail transit management firms can develop relevant risk mitigation measures for those high-risk nodes, re-allocate their resources to create a safe and secure environment for passengers in urban rail transit stations.

Combined with the development characteristics of the characteristic towns, in this paper, the evaluation system about how to select characteristic towns is established, which is based on the recommended information tables of the characteristic towns. The weight of the evaluation indices is determined by principal component analysis, and the fuzzy comprehensive evaluation model of the characteristic towns is built. Finally, the evaluation model is applied in a small town, and the evaluation is obtained, and the maneuverability of the model is verified. The purpose of this paper is to provide an evaluation system for the selection, cultivation, and development of the characteristic town.

At present, the attention degree of Chinese higher education to students’ comprehensive development ability is significantly raised. Cross-disciplinary and cross-scenario cross-education patterns have become a new development direction. As a typical interdisciplinary specialty, major of construction management is gradually introducing innovative teaching methods such as workshop, flipped classroom, peer instruction. However, the current domestic application of these teaching methods has not formed a systematic evaluation system. Based on the application of four innovative teaching methods in major of construction management, this research screens evaluation indicators of teaching effect which is in line with the major, and uses analytic hierarchy process (AHP) and Delphi expert scoring method to get a set of measurable, quantitative evaluation indicator system. Finally, taking major of construction management in a university as a case, the validity of the evaluation system is tested.

Off-site construction as one of the important directions for the transformation and upgrading of the construction industry, became more and more popular. However, not all companies are able to change successfully and achieve the desired goal, which is closely related to the transformation of enterprises and adopted. This paper aims to obtain the best transformation path of various enterprises, and introduce a correct direction for the enterprises who are follow-up to be engaged in the off-site construction, by (1) collect the successful enterprises in the transformation of the off-site construction in China; (2) deeply excavate and analyze the transformation process of these enterprises; (3) summarize the transformation path, and analysis the utility of various transformation path. The research shows that there are five kinds of transformation paths in Chinese off-site construction enterprises, among which linear and homogeneous transition are the common paths. At the same time, due to the different business characteristics, there is often the best transition path for different types of enterprises.

Reasonable risk sharing is the key to the smooth implementation of PPP projects. At present, the research on the proportion of risk sharing in PPP projects is inadequate. Firstly this paper introduces cooperative game theory to construct the risk sharing model of government capital, private capital. Then the influencing factors of risk sharing in PPP projects are analyzed from three dimensions of macro, meso, and micro. Then the impact of those three dimensions of macro, meso, and micro on risk sharing proportion is determined using the combination weights made up of analytic hierarchy process (AHP) and entropy method, thus the solution of the cooperative game model is revised. Finally, taking Wuhan Optics Valley Railway Station as an example, this model is applied to obtain the best proportion of risk sharing and the decision-maker basis for making plans of risk sharing in PPP projects is provided.

Aiming at the lack of credit in the construction market, this paper constructs the credit evaluation index model based on the domestic and international related literature, including five first-level indicators (enterprise information, financial ability, management ability, technical ability, credit record) level indicators; using system dynamics method to establish cost consultation enterprises credit evaluation model, and in Guangzhou A cost consulting company for dynamic simulation, can dynamically reflect the enterprise’s credit status and future trends, but also for project cost staff integrity regulatory provides a theoretical basis.

With the sustainable progress of new urbanization, the size and quantity of construction program is increasing gradually. Currently, it only has very few evaluation criterions in terms of management level. To comprehensively evaluate the collaborative effect of construction program management, four dimensions of collaborative evaluation index system of construction program management are constructed in this paper, including information collaboration, organization collaboration, resource collaboration, and target collaboration. On the basis of matter element extension theory, an evaluation model of the management synergy effect based on multilevel extension method is established to provide reference for enterprises to improve engineering project cooperation ability and management efficiency. The evaluation method is applied to the evaluation of a thermal power station construction program, which verifies its scientific rationality and feasibility.

Taking the high-rise building and irregular torsion as an example, the paper analyzes the layout of structural system and the design of key parts. By using PKPM and Midas software to calculate structure’s earthquake action and wind load action and analyze elastic time processing. Analyzing and calculating stress of the key parts of the structure. Using ABAQUS software to analyze nonlinear time-history of the structure and plasticity damage condition of conversion layer. Analysis and calculation results show that the selected structure is reasonable, safe, and reliable; every performance of structure can achieve predetermined seismic performance.

The PPP model has been widely popularized and applied in the construction of the urban utility tunnel in China. In order to ensure the smooth implementation of the project, it is necessary to focus on the performance evaluation of the construction period and operation period of the urban utility tunnel based on PPP mode. This paper uses a combination of qualitative and quantitative methods. Firstly, according to the characteristics of the project, the performance evaluation index during construction period and operation period is determined, and the weight of each index is determined by AHP. Finally, the performance appraisal chart is designed according to the weight, and the performance evaluation system of the urban utility tunnel based on PPP mode is constructed, in order to ensure the effective operation of the project and obtain good benefits through reasonable performance evaluation.

Urban infrastructure is the basic condition for urban survival and economic development. Residents’ satisfaction has a significant impact on the provision and effectiveness of urban infrastructure. However, existing research showed that there is no definite conclusion that whether the relationship between urban infrastructure financial input and residents’ satisfaction is positive or negative. The residents' satisfaction with public services and objective performance data of 37 large cities in China are taken as samples, and the regression analysis method is used to test the relationship between the two, results show that: there is a correlation between public satisfaction and objective performance of urban public services, and the increase of total expenditure of public services failed to raise public satisfaction level; the efficiency in the objective performance of urban public services is positively related to and has a significant relationship with public satisfaction, which means that improving efficiency can raise the level of public satisfaction to a certain extent; the efficiency of public service objective performance is positively related to the public satisfaction, and has a significant relationship, which means that the relationship between efficiency indicators and public satisfaction is more closely than that of input and effect indicators. The empirical results of this paper not only provide some enlightenment for improving the performance of urban public services, but also enrich the research on urban public service performance and residents' satisfaction in developing countries.

Our country has entered the aging society, “house-for-pension” pattern, becomes important to complement the social pension system of China. In this paper, we investigate the current situation of house-for-pension pattern, and analyze the factors restricting its popularization. The paper points out that in China there is an extensive requirement and a broad prospect for the house-for-pension pattern; however, to develop and popularize the pattern is restricted by certain factors, such as the traditional old-raising thoughts, the available market information. It is hoped that the research of this paper can provide a practical and feasible way to solve the current situation of “house-for-pension.”

The construction industry has long been notorious for frequent accidents and high injury rate. So far, construction workers’ unsafe behaviors have been identified as the main cause of accidents. Researchers working on the social influence on workers’ safety behavior propose that group norms play a significant role in shaping workers’ safety behavior. However, how group norms influence workers’ safety behavior and the influence path of group norms on safety behavior are still uncertain. Therefore, this study aims to construct a model based on the theory of planned behavior to explain the effect of group norms on workers’ safety behavior. Empirical data were collected from workers on construction sites and a structural equation modeling (SEM) analysis was employed to test the proposed hypotheses. Results demonstrated that attitudes, personal norm, and intention mediated the effect of group norms on workers’ safety behavior. This paper contributes to a better understanding on how group norms transform into workers’ safety behavior and lays the foundation for developing new methods for safety management in construction.

The data envelopment analysis (DEA) model is established in order to evaluate the efficiency of the listed construction companies (LCC) in the USA. By comparing the efficiency of the LCC in different years, the results show that the American LCC are recovering after the financial crisis, but not yet fully recovered. Most of these companies are still in the stage of decreasing return to scale. Meanwhile, the results also show that the financial crisis has different effects on LCC of different industry groups. The operation conditions of LCC of some industry groups have recovered well, while others have continued to be worse. The conclusions of this paper provide data support for the business transition and company recovery. And the suggestions for investors to choose the companies of construction industry in USA are also developed.

PPP mode is constantly promoted in China. While alleviating government financial pressure, it also brings many potential follow-ups, which makes it a major trend for the audit institutions involved and ensures the effective allocation of state financial funds. However, presently, applying the tracking audit of the whole process to the PPP project is in the infancy so that its implementation risks are quite high. Based on the literature summary, the risk influencing factors system of the tracking audit in the whole process of PPP project can be constructed. By DEMATEL-ISM model, not only is the hierarchy of the whole process tracking audit risk’s influencing factors clear, but also the key factors of audit risk are tracked. The reason why this paper researches the hierarchy of audit risk influencing factors is to provide the audit institutions with the key control directions for the tracking audit risk throughout the PPP project.

BIM is setting off a wave in the current construction industry in China. It’s an excellent opportunity to promote IPD (integrated project delivery). Forming an IPD project team that can continue to play a role in the full life cycle of the project in proper methods becomes an imminent issue. This paper defines the core idea, team members, tools, and techniques of the IPD project team. Subsequently, two methods for forming an IPD project team were proposed and the responsibility of team members was summarized. This paper provides reference for the improvement of relevant system of IPD, which is helpful for the promotion and implementation of IPD in China.

Detecting the safety of the structures regularly with a scientific and reasonable cycle is of great significance to ensure the structures security and usability and to reduce the accident probability of the buildings. On the base of the durability theoretical analysis, a theory calculation model of the safety detection cycle for the existing reinforced concrete structures was established considering the climate characteristics and the degradation rules of the building material performance and the load-bearing capacity of the structural members. As an example, using the proposed model the safety detection cycle of the existing reinforced concrete structures in Shanghai was calculated. According to the results, the theory calculation model of the safety detection cycle for the existing reinforced concrete structures has a good reasonability and the calculation results could provide the theory basis for the safety management and the decision making for the existing reinforced concrete structural buildings.

PPP projects usually have large investment, long construction and operation period, many participants, and other issues, and the superposition of various unfavorable factors leads to lots of risk factors in the implementation process of PPP projects. Thus, reasonable risk allocation is a critical factor for the successful implementation of PPP projects. Based on the existing relevant research of the risk allocation, the paper constructs a reasonable risk allocation evaluation index system, and calculates the weight of the evaluation index through FAHP. Then, the risk allocation quantitative model of PPP projects is established by using fuzzy TOPSIS method. Finally, a case study is carried out to determine the specific risk allocation ratio between the government and the social capital through the risk allocation model, providing a theoretical and practical guidance for the risk allocation of PPP projects.

CDIO (conceive, design, implement, operate) is a key accomplishment of higher education reform, which is widely adopted in engineering management education and training in most engineering centric university. In order to improve the practicality of project management professionals in applied institutes under CDIO engineering education model, this paper studies the current situation of engineering management education in applied institutes and discusses a CDIO framed application-oriented institution project management model. Based on a case study conducted in engineering management education in Fujian University of Technology, the authors propose a novel roadmap and specific strategies for optimizing and reforming the engineering education curriculum and teaching pedagogies respectively in this paper.

In recent years, many construction enterprises have started to build production and operation system based on project management. As the key content of project management, construction project management has received more and more attention of construction enterprise. In order to evaluate construction project management more effectively and improve the project management level of construction enterprises. The paper builds a system of performance evaluation index by literature review, and determines the weight of performance index by analytic network process (ANP). Matter-element analysis method was applied to construction enterprise’s performance evaluation of construction project management. The paper uses correlation function to evaluate performance, express project’s performance degree by quantitative level. Combined with a housing construction project, verify the feasibility and practicability of the model, so as to provide reference for construction enterprise to evaluate performance of their project management.

Recently, China’s population aging is deepening, aging has become a hot issue of society, pension industry has been a major industry developers competing to chase. The aging situation has become a huge development prospect, but its higher investment funds demanding, slowly recovery and complex service system, and other issues to the development of pension industry has brought great investment risk. Basing on the background of population aging, this paper analyzes the special risk factors faced by China’s old-age real estate, and uses the gray fuzzy comprehensive evaluation model to judge investment risks of the old-age real estate project, and use actual case to demonstrate. Through the analysis of the investment risk of the old-age real estate can control the various risk factors better, reduce unnecessary losses.