Nanhu lake, the second largest lake in Wuhan city, has effects on its surrounding houses by scenic ecology, as people,s living level is rising. This paper, based on indoors scene and questionnaires, applies CVM to evaluate the effect of Nanhu lake,s indoors scene to Wuhan,s real estate, and measures the actual payments at Nanhu lake. Their comparison shows a positive effect that the more rooms where occupant can see the Nanhu lake, the higher price, but the added values are not reflected by house prices, the buyer,s payments are less than half of its values.