China's real estate industry is the pillar of economic development. For the vast majority of real estate enterprises, the key to the successful development of enterprises is to find a stable financing channel to solve the funds needed for their development in the long-term. Because real estate trust can disperse the system risk of commercial banks, the transaction structure is flexible, so in addition to bank loans, advance payments, real estate trust has become an important financing channel for real estate enterprises. However, China's real estate trust market is not as mature as foreign markets. In addition, due to the domestic regulatory law is not mature enough, the real estate trust business did not play its due advantages. Firstly, this paper expounds the relevant theoretical knowledge of real estate trust risk; Then, taking the LH project as an example, this paper introduces the basic situation of the LH project, identifies the risks, and evaluates the trust risk of the LH project by using the analytic hierarchy process; Finally, based on the previous analysis, this paper puts forward the measures to deal with the risk of LH project, hoping to provide reference for the financing scheme of China's real estate enterprises.