Research conclusions: This paper defines the tactical concepts on the development of real estate project and offers the SEM model for the tactical management of real estate project． The core element of the tactical management of real estate project is to determine the cause and effect relation between the orientation of the real estate project and the desiring prospects of the project，the macro environment，the competitors，the project features and the customers． Under the guidance of the desiring prospects of the project，the deep analyses of the macro environment，the competitors，the project features and the customers should be made to the real estate project so as to obtain the customers orientation，the production orientation and the images orientation． The tactical management of real estate project can offer the information support to the investment decision － making and working out the development tactics so as to reduce the uncertainty caused by the factors by men in the course of the investment decision － making and working out the development tactics and make the investment decision － making and the development tactics more fitting to the market demand and the competition environment for achieving the project success．