The process of housing marketization has promoted the transformation of housing with the dual attributes of housing and investment. Housing asset inequality has become an important aspect of social inequality in China’s megacities. This article uses survey data on the living conditions of residents in mega-cities to analyze the causes of inequality in housing assets from two aspects: cumulative advantages and financial effects. It finds that urban residents with intergenerational and intra-generational accumulation advantages can gain greater advantages in the housing market and the accumulation of housing wealth

while urban residents who have obtained financial credit and own local housing have more prominent advantages in housing assets. The article proposes that housing asset inequality is the transmission result of the inequality of personal abilities

family endowments

and financialization effects. At the same time

in the environment of "housing financialization"

housing assets have become a distribution mechanism for social wealth appreciation

which intensifies the trend of family wealth differentiation and social inequality in megacities.