Mutual Property Rights Mode and Subsidized Loans Mode are important guarantee for the protection of the housing of “sandwich class”. Based on modern Property Rights Theory, this paper makes a comparison on the forms of the above two modes, the element correspondence, property right relationship and the advantages. Taking Huai’an as an example, through scenario simulation, this paper makes an analysis on the difference between the two modes in guaranteeing the “sandwich class”. What’s more, through the Logistic regression, this paper also makes an analysis on residents’ preference for two modes. The results show that: (1)the Mutual Property Rights Mode are more favorable to the people, but some of the property rights are limited; (2) the Subsidized Loans Mode have full property rights, and the policy flexibility and convenience are higher; (3) The main factors that affect the protection preference are age, household registration, family population and purchasing power. Families with older age, more population and poorer purchasing power are more inclined to choose a common property model, migrant workers tend to choose discount loan model. Based on the conclusions of the research, this paper puts forward the policy suggestions to perfect housing supply and to realize the policy of “The house is used to live, not used to speculate”.