[摘　要]　在界定房地产开发经济活动的基础上，以生态足迹及增量住宅虚拟销售收入与土地购置费用之和分别表征房地产开发对环境生态的影响及其经济价值，进而构建房地产开发生态效率模型，并以2005~2007年的南京市住宅开发为例进行实证分析。结果表明，近年来南京市住宅开发的生态效率呈逐年下降之势，即其经济价值的增长是以对生态环境的更大影响为代价的。

[关键词]　房地产；住宅开发；生态效率；生态足迹

Abstract: Based on defining real estate development economic activities, ecological footprint and the sum of dummy sales income of increment residence and land purchase expense are selected as symbols of the environmental impact and economic value respectively, and then eco-efficiency model of residential development is built. Finally the residential development of Nanjing from 2005 to 2007 is empirically analyzed, which indicates that the eco-efficiency is descending gradually year by year, and the rise of economic value pays the cost of larger environmental impact.

Key words:  real estate; residential development; eco-efficiency; ecological footprint

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