This study aims to develop a selection criterion of Listed Real Estate Companies (LRECs) from a perspective of performance and operating efficiency, which is measured by a frontier-based Data Envelopment Analysis (DEA) approach. The DEA is a powerful, non-parametric technique that allows the comparison among diverse decision-making units (DMUs) as well as provides assessment of performance and efficiency for comparable production units such as companies. Based on the DEA approach, we conduct an empirical analysis on the Top-30 LRECs in China stock markets (both Shenzhen and Shanghai Stock Exchange) according to the 2009 Annual Financial Statements. The outstanding of selected LRECs is ranked in terms of their efficiency scores; besides, we verify whether the selected companies have minimized their input utilization (i.e. Human resource, market capitalization et al.); if not, we will further indentify and quantify those attributes influencing the performance of LRECs respectively. In general, the research will deliver three outcomes: firstly, an integrated assessment system will be established; secondly, it could be used as a useful reference for shareholders of LRECs; finally, it will provide important information for both institutional and individual investors who are seeking for indirect investment in Chinese real estate market.