Abstract: With a research on the establishment and development of the current housing supply system in China, the paper finds that the current housing supply system could not solve the contradiction between the dynamic change of the payment ability of the individual object of indemnificatory housing and the relative stability of the total amount of the objects at a specific historic stage. It also could not solve the problems such as there is no effective convergence of the relationship between indemnification and the market. The paper points out that shared property house, as an operational mechanism, can achieve the internal unification of payment ability of the objects and supply of the indemnificatory houses under demand-oriented conception; also it can make smoother the transition between indemnificatory houses and commercial houses, and then achieve the market-oriented operation of housing security gradually. The housing security market operation mainly refers to the marketization of land acquisition of indemnificatory houses, development and construction, sale methods, and the rent and the price of indemnificatory housing. In addition, the paper points out that during the period of shared property, the objects are the actual users of indemnificatory houses. So they should take the relative responsibility of legal obligation and tort liability.