*5.1. Conclusions*

The research results show that human capital exerts significant influence. Individuals with a high education level are more likely to acquire high-value housing, especially individuals with a college education. Additionally, individuals with a high education level are more likely to profit from the added value of housing. However, a small difference was observed between individuals with a college education and individuals with a highschool education regarding low added-value housing. Individuals with low-quality and

low-return housing profit more from factors such as education and income. Therefore, improving education level remains a reliable means to reduce housing inequality, especially for individuals comprising the lower classes. We found that political capital exerts less influence. When a cadre position is considered as a type of occupation, it does not result in the greatest returns, and the returns of an organization clerk outweigh those of cadres with a title of section chief or above. Party membership may exert influence through other variables. When other variables are under control, party membership even plays a negative role under some circumstances. The influence of political capital on the distribution of housing is not as strong as it was before. In the property market, the quantiles of stateowned enterprises are not as significant as those of private enterprises, and this indicates that traditional work organizations have borne the brunt of market transition. Although collective enterprises rank the highest in returns on the property market, non-enterprise organizations are better than enterprises in terms of housing added value. This result shows that the redistribution system of the work unit era has a substantial effect on current housing inequalities, and patience is required as the marketization process plays out. The later an individual acquires housing, the higher the housing value; however, this phenomenon does not mean that the longer an individual holds the property the higher the added value. The housing added-value returns of individuals who entered the property market from 1999 to 2003 are not only greater than individuals entering after 2009, but also greater than individuals owning a house before 1998. This is why first-mover advantage is critical in the early days of market transition.
