In recent years, the first-hand land development has attracted more and more attentions by government and developers. As one of the municipalities directly under the Central Government and the key city of western China, Chongqing has the representative for its first-hand land development model. This paper presents that the first-hand land development should be the co-developing model both by government and state-owned company rather than the pure government-oriented or pure market-oriented model. The procedure, advantages and problems of this first-hand land development model have been analyzed. Some suggestions to improve the model have been proposed afterwards.