The misallocation of land resources in China harms the development of both rural and urban areas. Rural areas suﬀer from the surplus supply of construction land quota when its shortage emerges in urban areas. To address this allocative ineﬃciency and make villages enjoy the beneﬁt of urban development in China, the Land Coupon policy, similar to the U.S.’s Transferable Land Development Rights programs, was implemented in Chongqing province in 2008. This paper estimates the eﬀects of the Land Coupon approach on spatial income inequalities, particularly the urban-rural income ratio, applying the newly developed MASC estimator combining the matching and synthetic control estimators through model averaging. The evidence shows that the policy has indeed accelerated the decrease of the province-level urban-rural income gap. This paper discusses diﬀerent implementations of the MASC method with the variations of pre-treatment covariates, diﬀerent weights in the matching criterion, and how the cross-validation is done.