This paper takes the financial status of the capital chain of listed companies in the A-share real estate industry from 2016 to 2021 as the research object, constructs an early warning indicator system from four dimensions of capital chain investment chain, operation chain, return chain and non‐financial indicators, using BP neural network , Support Vector Machine (SVM) to build early warning models respectively, and divide the early warning time into two groups of variables: 1‐3 years short‐term early warning and 3‐5 years long‐term early warning, and then choose a model that is more suitable for the real estate industry. . The experimental results show that the difference in prediction accuracy between the two models is small in short‐term early warning, but in long‐term early warning, the prediction accuracy of BP neural network model is significantly better than that of SVM.