Abstract: Great achievements have been made in China's housing reform with the orientation of the monetization of housing distribution since 1998. At the same time, there are still some lessons to be learned. There are two different patterns of housing reform: one is the gradual one implemented in the majority of the country and the other is the comprehensive housing reform piloted in Guizhou Province. The main difference between them is whether to redistribute the stock assets of public housing. Guiyang's housing reform practice provides a unique natural experiment for studying the impact of these two different patterns of housing reform on housing equality. Based on the data of the China Health and Nutrition Survey(CHNS) from 1989 to 2011 and other data of city statistical yearbooks, this paper uses PSM-DID model to test the impact of housing reform patterns on housing equality. The result shows that compared with the gradual pattern, the comprehensive housing reform can improve housing consumption, promote real estate investment, keep house price relatively stable, and lower the housing inequality of consumption and wealth. The comprehensive housing reform also has different impacts on different groups working in the sectors of public ownership or non-public ownership in Guiyang, but the gap of their housing inequality is low. On this basis, this paper puts forward some relevant policy suggestions under an equity lens and summarizes the experience of local pilot projects.

Key words: housing reform, housing reform pattern, housing equality, Guiyang