This paper argues that in 2007, the Chinese A-share market held a significant change in its entire progressing process. The interest rate shock in late May 2001 may be a noteworthy event causing the trend change. The paper aims to test for the trend change in real estate stock prices. Two leading listed real estate stocks were employed. Monthly series spanned the period from 1998M012014M12. Unit root, break-date and cointegration tests were conducted. Both the Perron test (in a mixed IO Model C) and the Zivot-Andrews test (Model C) were performed. A long-run memory of real estate share markets was suggested. Breakpoints occurred in March 2007. Long-run equilibrium did not exist between the stock prices. Real estate shares responded fast and independently to the interest rate shock in 2007. The interest rate shock may result in a trend change in real estate stock prices