Abstract: In February, 2006, Chinese Ministry of Finance issues a new accounting standard, Enterprise Accounting Principle No.3- investing real estate. In 2007, only two real estate listed companies introduced the fair value accounting, but 117 real estate listed companies adopted the historical cost accounting. Is this phenomenon a rational choice or tendency toward convergence for the real estate listed companies? Based on the clues to the rationality and bounded rationality, this phenomenon is analyzed by the canonical analysis and evolutionary game theory. The result shows that the accounting choices for Chinese real estate listed companies are bounded rationality, and there is a remarkable tendency toward convergence.