Abstract: By combing the development process of property management in China， it is found that the traditional “centralized” property management model in China is facing a “periodic crisis”， which is difficult to escape， and shackles the modernization transformation of community governance. There are three main reasons for the formation of the crisis， i.e. the vague “black box”， which refers to the tension of trust relationship caused by the low transparency of property management， the hard-to-achieve “specialization”， which causes property management to fall into “prisoner's dilemma” for lack of professional ability， and the stagnant “service quality”， which refers to the intensification of property management “value contradiction” for lack of consensus mechanism. The “decentralized” property management model based on blockchain builds a trust bond between owners， owners' committees and property management companies. It has built a new path of “mutual trust and co-governance” in property management， broken the “prisoner's dilemma” in property management， realized the sound， efficient and transparent operation of property management， and constructed a new model of “decentralized” property management in residential quarters.

Key words: property management; residential quarter; periodic crisis; blockchain; community governance