The implementation of the hypothec of the real estate should be limited by priority and leasehold that formerly exist. 房地产抵押权的实行要受在先存在的优先权与租赁权的制约。
Considering the legislation practice, defining the nature of real right, the author believes that real leasehold is usufruct of real property in nature. 综合对各国关于不动产租赁权的立法实践，厘清不动产租赁权的性质，对传统的租赁权物权化进行批判，还原租赁权的物质本性，认为不动产租赁权是用益物权。
