As our country has stepped into the stage of aging, it is imperative to develop pension real estate. The business models of our country's pension real estate are mainly divided into two types which are Selling model and Operating model. The two business models respectively apply to the initial stage and the mature stage, and the suitable objects are respcetively small & medium-sized enterprises and large-sized enterprises. Only when the sum of income, operating costs and the resale of taxes and fees of Selling model is greater than the income of Operating model, the deveplopers would choose the fomer;conversely, choose the latter.%我国已步入老龄化阶段，发展养老地产势在必行。我国养老地产的经营模式主要分为出售型经营模式及运营型经营模式两类，两者分别适用于养老地产的初期发展阶段和成熟阶段，适用对象分别为中小型开发企业和大型开发企业。通过进行经济收益分析得出，只有当出售型经营模式产生的收入与运营成本、转售税费之和大于运营型经营模式产生的收入时，开发商才会选择前者，反之选择后者。
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