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Signature is firm-level with 'Director of Research: Carson C. Block' on the masthead; treating Block as author. Opens with a memorable hook: 'BEKE: Luckin Coffee's for These Closers!'. Core innovation is the platform-scraping methodology (similar to prior MW work on JOYY/GOTU) cross-checked against SAIC registry and field visits. Management quote 'doing the right thing, even if it is difficult' is used as ironic framing but no specific executive is individually named as villain. No stake disclosed — MW states short position per the disclaimer boilerplate. Campaign outcome (not filled): BEKE stock did fall sharply around the report and amid broader China ADR/VIE and China property sector selloff, but US-listing was ultimately preserved via dual primary HK listing in 2022.", "kpisCited": [ { "detail": "~126% overstatement in 2Q-3Q 2021 (reported 908bn vs MW-estimated 402bn RMB)", "metric": "New home sales GTV inflation" }, { "detail": "~65% overstatement in 2Q-3Q 2021 (reported 1,939bn vs MW-estimated 1,177bn RMB)", "metric": "Blended platform GTV inflation" }, { "detail": "approximately 77-96% across the two quarters", "metric": "Revenue inflation estimate" }, { "detail": "Platform data shows at least 23% overstatement (52,868 reported vs 43,026 found); Langfang field work shows 59% overstatement", "metric": "Store count inflation" }, { "detail": "Platform shows 26% inflation; SAIC data shows 106% inflation in Shanghai and 90% in Beijing", "metric": "Agent count inflation" }, { "detail": "Reported 2.75-2.79% vs actual 1.8-2.4% observed in nine-city field work", "metric": "Commission rates" }, { "detail": "$22.2 billion at $18.68 share price", "metric": "Market cap at time of report" } ], "closingAsk": null, "extraction": { "at": "2026-04-22 19:52:18+00", "model": "unknown-legacy", "runId": null, "seconds": 198.74158, "promptVersion": null }, "scqaReward": "No explicit price target is provided; the implicit payoff is the collapse of a $22bn market cap as fraud disclosures compound, following the pattern of prior MW targets such as Luckin Coffee, GSX/GOTU and JOYY.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "Platform data scrape shows BEKE inflated new-home GTV by ~126% and total GTV by ~65% in 2Q-3Q 2021", "Field visits reveal pervasive ghost stores and clone stores — Langfang alone 59% overstated", "SAIC registry data shows agent counts inflated ~100%+ in Shanghai and ~90% in Beijing" ], "scqaSituation": "BEKE is China's leading integrated housing transaction platform, claiming 52,868 stores, 548,000 agents and RMB 2.29 trillion of 2021H1 GTV through its Lianjia and connected-brokerage network, valued at $22 billion.", "thesisSummary": "Muddy Waters is short KE Holdings (BEKE), China's leading integrated housing transaction platform, concluding the company is engaged in multivariate fraud. A months-long program scraping BEKE's own platform (May-November 2021) shows new-home GTV overstated by approximately 126% and blended GTV by ~65% in 2Q-3Q 2021, which in turn implies commission revenues are inflated by 77-96%. Field visits across nine cities documented ghost stores and clone stores masquerading as active on the platform — in Langfang alone 19 of 51 Lianjia stores did not exist. SAIC corporate registry and Nanchang broker registry data show agent counts overstated by ~100%+ in Shanghai and ~90% in Beijing, a discrepancy too large to attribute to labor dispatching. MW also flags a likely sham acquisition routed through a straw buyer and a Deyou pilot program used to round-trip cash and inflate commissions.", "primaryDemands": [ "Investors should short or avoid BEKE shares given systemic fraud", "Recognize that GTV, revenues, store count and agent count are materially fabricated", "Treat BEKE as another US-listed China fraud in the Luckin Coffee mold" ], "scqaResolution": "Short BEKE. 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Of the 51 Lianjia stores we should have found in Langfang, 19 were ghost stores. 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Management referred to such network effects as creating a “self-reinforcing virtual cycle of efficiency and stack scalability…” — BEKE, Q1 2021 Earnings Call, May 19, 2021.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b5-768c-bb42-ecf9917f36c9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.3, "y": 0.34 }, "kind": "source-note", "text": "Source: BEKE August 2021 investor presentation", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Based on the number of new home sales collected and the average sales price reported by BEKE, we estimate that BEKE's actual GTV from new home sales was only RMB 402 million, indicating that BEKE likely inflated new home GTV by at least approximately ~126%.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b5-768c-bb42-b7a1f357af89", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "GTV inflation: ~126%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b5-768c-bb42-b879aeceb8e5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.704, "x": 0.148, "y": 0.37 }, "kind": "paragraph", "text": "BEKE claimed that the GTV from new home sales on its platform was RMB 908 billion in Q2-Q3, 2021. Based on the number of new home sales collected and the average sales price reported by BEKE, we estimate that BEKE's actual GTV from new home sales was only RMB 402 million, indicating that BEKE likely inflated new home GTV by at least approximately ~126%.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:58.764+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31512e71-485f-4336-bdac-ef27cccae0b7", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.53, "x": 0.148, "y": 0.84 }, "kind": "source-note", "text": "9 BEKE 2020 20-F, p.54\n10 BEKE 6-K, August 12, 2021, November 9, 2021\n11 BEKE 2020 20-F, pp. 91, 99\n12 https://www.creprice.cn/\n13 The data from the BEKE platform is available in 76-day increments.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:58.764+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4dbc01fe-aa3a-4826-aa46-223857e55fbf", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.19, "x": 0.405, "y": 0.31 }, "kind": "source-note", "text": "Source: MW Data Collection", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:58.764+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc41abe9-d79f-4f26-8299-982bd52140d1", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.536, "x": 0.232, "y": 0.245 }, "kind": "table", "text": "RMB BN | 2Q 21 | 3Q 21 | 2Q-3Q 2021\nReported home sales GTV | 1,150 | 788 | 1,939\nHome sales GTV estimate from collected data | 656 | 521 | 1,177\nInflated % | 75% | 51% | 65%", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:58.764+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ffef7b8-33b8-45bb-8cb5-6f04f12d8fba", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.148, "y": 0.343 }, "kind": "title", "text": "a. New Home Sales GTV Inflated by ~126%", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:58.764+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c333f4ec-d5f5-435d-9f32-c507376e6b94", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a8232b3c-12ad-45f5-8304-3e6d96556177", "evidence": "Comparison of company-reported GTV vs independent data collection to prove inflation.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:47:58.764+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 76, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 3, "name": "Expose Contradiction", "beatId": "ddedf5e8-3914-43cf-aba0-b4c0cc55dd1d", "matchId": "ccbd5cfe-8970-416f-ab37-a5184abcdc17", "beatType": null, "evidence": "Repeated instances of contradictions and discrepancies in BEKE’s reporting", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 53, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "Appendix Methodology", "beatId": "d6258a57-2813-4874-af77-9bec6ca2bd69", "matchId": "ccbd5cfe-8970-416f-ab37-a5184abcdc17", "beatType": null, "evidence": "Detailed methodology for data collection and analysis", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 10, "from": 3, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null }, "matchId": "44b15c05-aab8-47cf-a1ba-36748d04e6cc", "evidence": "Initial findings of contradictions in BEKE’s reporting", "position": 0, "objective": "What is BEKE’s actual financial situation?", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:58:48.554685+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 8, "type": "analysis", "title": "The table compares transaction counts for May-Aug 2021 vs June-Sept 2021. The text below the table provides a conclusion on GTV inflation.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 5, "textChars": 747, "nDataPoints": 174, "notes": "The table compares transaction counts for May-Aug 2021 vs June-Sept 2021. The text below the table provides a conclusion on GTV inflation.", "elementsJson": [ "data_table", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:47:58.434+00", "seconds": 2.765, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-3ced42d9dbe0/8", "deck": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0", "deckAnchor": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Therefore, based on the collected data we estimate that BEKE inflated GTV by at least ~126% in Q2-Q3 2021.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b5-768c-bb42-768b054f430e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "GTV inflation: 126%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b5-768c-bb42-79f90ce67766", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.762, "x": 0.119, "y": 0.545 }, "kind": "paragraph", "text": "Combining the average value per transaction reported by BEKE in its SEC filings with the number of home transactions revealed in our data collection, we estimate that BEKE's GTV from the sale of new homes through both its Lianjia and connected brokerages was only RMB 402 billion in Q2-Q3 2021. Therefore, based on the collected data we estimate that BEKE inflated GTV by at least ~126% in Q2-Q3 2021.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:58.434+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5d35afc7-2a2f-4649-b09b-2bfe32dfa796", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.65, "x": 0.119, "y": 0.898 }, "kind": "source-note", "text": "14 For details on the methodology, assumptions, data and calculations in the estimates see Appendix I.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Below is a small sampling of our field work.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:00.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c1fc5e7-18ed-4eb2-95b6-f75beee9a463", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.56 }, "kind": "paragraph", "text": "The store’s address listed on BEKE’s platform leads to a large apartment complex... we feel this abandoned guard’s room is not likely an active location.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:00.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c7fb0bc-bc7e-40f7-8dea-0cc374ae17a2", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.25 }, "kind": "paragraph", "text": "The Nanchang Zhonghuan Ershishanzhong store was shown to be ‘active’ on BEKE’s platform. In fact, data collected from the platform showed that BEKE was supposedly listing between 89-136 properties through this store over the prior three months.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:00.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3f68dc9-768c-4876-b519-46dad4f51f4e", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.18, "x": 0.41, "y": 0.53 }, "kind": "source-note", "text": "Source: BEKE’s Platform", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:00.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f1f09c8-6d42-4908-831d-a32211948b0b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.82 }, "kind": "source-note", "text": "26 Field visits were made to seven cities... 27 Ershishanzhong Store has sales record of 1 new home and 1 rental from 5/25/2021 to 8/8/2021.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Ghost Stores Masquerading as ‘Active’ Stores on BEKE’s Platform", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:00.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb5a856e-e571-4640-bac7-8c4805fee5e1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.55, "x": 0.14, "y": 0.22 }, "kind": "title", "text": "Example Ghost Store 1: Nanchang Zhonghuan Nanchang Ershishanzhong", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", 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However, when we spoke with the agents at these two stores, we were given identical locations for the branch: go to the intersection of Yatai Blvd. and Tianyang Cheng, look for Building No. 9, on the ground floor, next to the Commercial Bank. 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The address listed on its store page only contains the name of the road, no street number. We found the detailed address on its SAIC certificate. Our investigator went to visit this location in September 2021, finding a closed store front.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:01.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4203e787-8f8f-481f-afee-28c76c385492", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.5 }, "kind": "paragraph", "text": "In another example, we found two Lianjia branches registered to the same street in the SAIC database. On BEKE's platform, Branch 2 and 15 are known as Tianyang Cheng No. 2 and Tianyang Cheng No. 6, respectively.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:01.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "870adafa-2653-464f-8aa6-53ba7b1c79b1", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.39 }, "kind": "paragraph", "text": "When a store agent was contacted to check the address, the agent confirmed she worked at Seven Colors Baichuan but gave the address of another store contained in BEKE's platform: Zhonghuan Youjia No. 3 Store (中环-佑家三)788 Bayuehu Road. 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Previously, we had seven stores at the peak. Researcher: Which store are you now? Agent: We are Store No. 6. 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In Xiamen and Haikou, we estimate that 41.5% and 32.1% of the stores are clones in those cities.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:02.217+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed3d5840-b356-4ff7-aa0d-91bd88080e2a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.88 }, "kind": "source-note", "text": "35 三河市廊坊市,河北 36 Chinese company information database 37 Chinese company information database. 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The only unique store of the seven observed, Branch No. 53, is located at E2-A1-8 of the MOBO apartment complex.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b5-768c-bb44-8e1fe171fa9d", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.75, "x": 0.125, "y": 0.575 }, "kind": "image", "text": "Three photos showing the MOBO complex and the Lianjia store address plaque.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:01.656+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aba82ecf-6f91-4343-b224-95227a10053c", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "in suite A1-8. To confirm our findings, we spoke with an agent at the operating Lianjia store. 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The accompanying SAIC business license provided to the store page shows Branch No. 53 is registered in District E, building 1, 1st Floor, Unit 1, Suite A1-8, which should be E1-A1-8 and not E2-A1-8 as listed elsewhere.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:01.714+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04d3e09c-8ed6-4058-8746-d224ec885aba", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.623 }, "kind": "paragraph", "text": "Two of the seven Lianjia stores in question are registered side by side, Branch No. 53 in unit A1-8 and Branch No. 54 in unit A1-9. The same single store occupies these two addresses and shows up in the SAIC records as two different locations, but in reality, these are a single store.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:01.714+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3860f117-1986-4423-a72c-a05206f4eb7b", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "On BEKE's platform, Branch 53 is also known as Lianjia ShouErTianCheng No. 2 and the listed address matches with the address plaque hung outside of the store.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:01.714+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5f3ae7b-bb56-430a-b888-661a89d283aa", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.581 }, "kind": "paragraph", "text": "We believe that BEKE intentionally creates inconsistencies such as these to misrepresent its actual store counts. But that is not the only trick we observed in our field work.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:01.714+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a885ac6f-3833-4ede-848b-6b80ab2ba03f", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.876 }, "kind": "source-note", "text": "38 https://m.ke.com/store/18090400891701434975.html, 链家首尔甜城二店, 三河市燕郊开发区燕顺路首尔甜城 MOBO公寓北面底商 E2-A1-8", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"nDataPoints": 3, "notes": "This slide is part of a short-seller report alleging fraudulent store count inflation by BEKE.", "elementsJson": [ "photo", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:48:02.598+00", "seconds": 4.186, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-3ced42d9dbe0/27", "deck": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0", "deckAnchor": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0#slide-27", "deckJson": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe BEKE uses these SAIC listed non-physical locations as “ghost stores” as false support for its SEC store counts.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, 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icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:02.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a06eaab-0c3a-4bb1-b818-f71bd5065603", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.49 }, "kind": "paragraph", "text": "The use of similar but different store names and the extremely vague store location descriptions and addresses is a common theme on BEKE’s platform. For instance, we observed two branches registered to the same street address in the SAIC database. When we visited, we only found one store. Branches 10 and 79 are co-located but presented as distinct and different stores on BEKE’s platform with different store numbers, different branch numbers, and different SAIC business registrations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:02.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80b8344c-0169-4425-85ca-ee905483d70d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.62 }, "kind": "paragraph", "text": "When visited the store, we saw SAIC business license displayed on the wall was for Branch No. 79. However, on the opposite wall, both Branch No. 10's and Branch No. 79's award banners were presented. The agent at the store stated that Branch No. 10 (Store No. 2) was closed and had merged with Branch 79 (Store No. 4).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:02.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8be4e298-21a8-41e0-b62d-b292e1bdd4d0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.41 }, "kind": "paragraph", "text": "All of these branches also filed for their annual reports with SAIC in the past four years and have active current registrations. There was one Lianjia store where we should have found seven. We believe BEKE uses these SAIC listed non-physical locations as “ghost stores” as false support for its SEC store counts.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:02.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a91e8b2f-4b07-47a8-89bf-92840fbeb975", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.71 }, "kind": "paragraph", "text": "However, like the example of Branch No. 2 (Tianyang Cheng No. 2) and No. 15 (Tianyang Cheng No. 6) above, both stores also displayed active transactions even after one was closed and the two seemingly merged. In our collected data from May 25 to Oct 22, we found that Branch No. 10 displayed 13 exiting home and 2 new home transactions, and Branch No. 79 showed 27 existing home and 2 new home transactions, combining to produce a total of 44 home sales.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:02.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aaa0f6d6-0c4a-43a2-9b9d-12fd18ed80e4", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.12, "x": 0.44, "y": 0.38 }, "kind": "source-note", "text": "Source: Site Visits", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Branch 51 is registered at Zhugedian Village in Yanjiao Town. Yet when we visited the site, we could not find any Lianjia or other real estate brokerage to speak of.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b5-768c-bb44-a532829648dc", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.7, "x": 0.15, "y": 0.08 }, "kind": "image", "text": "Photographs of Lianjia Yanjiao Branch No. 79 and site visit to Zhugedian Village.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:01.478+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c20c8edc-2399-4b6c-9be7-e7c02f763449", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.88 }, "kind": "paragraph", "text": "In another example, Branches 4 and 88 are registered on the same street, only two stores away. When we visited, we only found one Lianjia store (Branch 88). The location where Branch 4 should be is actually a restaurant.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:01.478+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ad387c5-d5e9-4b63-99cf-1b65caf28474", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.42 }, "kind": "paragraph", "text": "Another store simply didn't exist. Branch 51 is registered at Zhugedian Village in Yanjiao Town. 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"text": "agent count inflation: 50%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b5-768c-bb45-427627d3eee8", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.12, "y": 0.53 }, "kind": "paragraph", "text": "We checked these numbers against the Nanchang Registry. The results showed that although the reported store count closely matched, the number of Zhonghuan agents was exaggerated by 50%.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:01.725+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "142451d5-917e-4e0b-b98a-46439f391d9e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.47 }, "kind": "paragraph", "text": "In 2019, BEKE acquired a real estate brokerage called Zhonghuan. Our collection of data from BEKE's platform found that in late August 2021, Zhonghuan's Nanchang operation had 363 stores with 2,050 agents.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:01.725+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e3018f7-1855-4c1a-9369-0c535aec12f1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.75 }, "kind": "paragraph", "text": "We believe that BEKE uses former agents who have left the Company to inflate the agent count on its platform. For example, according to BEKE's platform, Zhonghuan Youjia No. 3 store supposedly has 12 agents.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:01.725+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "872c86c3-e0e0-44b7-a990-f0edd08ddb31", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.5, "x": 0.25, "y": 0.7 }, "kind": "source-note", "text": "Source: Nanchang Housing Security and Real Estate Administration database, Data collected from BEKE platform", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The employee count reported in the SAIC data of BEKE's Shanghai subsidiaries should include a number of employees who are not agents. 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However, BEKE claimed 21,000 agents in Shanghai, while SAIC data for its two Shanghai brokerage subsidiaries show only 9,996 employees and 199 employees in its other subsidiaries (including its VIE). 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BEKE reports the breakdown of its employee count by function in its SEC filings. 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BEKE confirmed in its SEC filings that it did not exceed this 10% threshold mandated by Chinese law. Accordingly, even assuming all of the temporary agents were agents, the number is still far short of BEKE's headline agent count. We believe the explanation is clear. 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In two transactions in 2017 and 2019, BEKE acquired a partial interest in IFM, the Century 21 brand network of franchise brokerages in China.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:05.814+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f26228f8-199b-4388-bb47-99a106edab4c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "company called Beijing Beike Real Estate Consulting. Liu is also the ultimate owner of Beijing Fangjianghu Info Tech, which uses @lianjia.com email for corporate registration and shares the same phone number with multiple BEKE subsidiaries.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:05.814+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd2f1f21-8d7f-45a6-bdf3-3d65dd33617b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.51 }, "kind": "source-note", "text": "Footnotes 64-67 detailing SEC filings and corporate entities.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We believe this underscores the absurdity of the price paid for Zhonghuan.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b5-768c-bb47-2f3e715bc45a", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Zhonghuan Valuation Premium: 3.9x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b5-768c-bb47-3795ebd39b4f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.56 }, "kind": "paragraph", "text": "Another suspicious acquisition merits scrutiny. BEKE claims that the Company spent RMB 8 billion to acquire Shengdu Home Renovation. Yet Shengdu only operates in several provinces with many of its branches setup in 2021.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:11.367+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4226d52a-c153-495f-b8fb-884e1ed6114b", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.44 }, "kind": "paragraph", "text": "It also notable that whereas BEKE wrote down the value of IFM (through a deemed marketing expense), BEKE wrote up the value of Zhonghuan. Ultimately, we think the evidence shows that BEKE inflated the purchase price of the Zhonghuan acquisition.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:11.367+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ede07414-cf7f-4486-a200-77e19ead771b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.12, "y": 0.23 }, "kind": "paragraph", "text": "On both an EV/transaction basis or an EV/store basis, BEKE paid nearly 4x for Zhonghuan. We believe this underscores the absurdity of the price paid for Zhonghuan.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:11.367+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "feb52a9c-c2b1-416f-a198-a31f9c753f6f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.12, "y": 0.71 }, "kind": "quote", "text": "Personally, I think the company think that it is very natural that people want to get a home renovation... but in my opinion, it is a very — like what I said, this industry, the home renovation, the way of acquiring a company like Shengdu is not a very smart move.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:11.367+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13d70469-3626-4887-9356-c7e0044de77f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Personally, I think the company think that it is very natural that people want to get a home renovation. If they bought a home, especially if they bought a secondary housing, they want someone to help them to do with their renovation. But in my opinion, it is a very — like what I said, this industry, the home renovation, the way of acquiring a company like Shengdu is not a very smart move. What's more important is that, for the home renovation, you do not have this kind of network effect like what you have with brokerage companies. With the brokerage companies, the more agents that you have, you have a better chance of getting a much bigger market share than a smaller one. But for home renovations, you do not have this kind of network effect. Even if you are 10 times bigger, or even 100 times bigger, than your competitor, it is highly unlikely you can take market share from the small competitor. — Former BEKE senior manager", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b5-768c-bb47-33718f32bf3c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.12, "y": 0.92 }, "kind": "source-note", "text": "BEKE did not disclose the exact amount, but only stated that the purchase price would be capped at RMB 8 billion.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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46, "type": "tension", "title": "The slide uses a quote-like structure to frame the critique of the acquisition.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 4, "textChars": 1585, "nDataPoints": 1, "notes": "The slide uses a quote-like structure to frame the critique of the acquisition.", "elementsJson": [ "paragraph", "quote_block" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 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"description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b5-768c-bb47-872792f5a6ec", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.76, "x": 0.12, "y": 0.28 }, "kind": "paragraph", "text": "We question why BEKE would pay RMB 8 billion to acquire a home renovation business in a limited number of provinces. Our suspicion is that like Zhonghuan, BEKE grossly overpaid for a questionable business in order to hide fake cash, a balance sheet problem created by BEKE’s gross overstatement of its revenues.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:03.355+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2010aeb7-4fbe-4480-9aaf-45dfc44d4d78", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.76, "x": 0.12, "y": 0.09 }, "kind": "paragraph", "text": "The ones who are making some real difference is the companies that invested in, for instance, new ways of doing home renovation. I came across some of the startups or some of the companies in China. They are doing something different. For instance, they will offer a total solution to your home renovation, with different materials and different ways of doing home renovation, which is quite different from that of Shengdu. Shengdu is a service provider. It does not have this kind of technology. I'm pretty negative about this acquisition.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:03.355+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b402dd42-1126-476f-b51d-0fa28b3214cf", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The ones who are making some real difference is the companies that invested in, for instance, new ways of doing home renovation. I came across some of the startups or some of the companies in China. They are doing something different. For instance, they will offer a total solution to your home renovation, with different materials and different ways of doing home renovation, which is quite different from that of Shengdu. Shengdu is a service provider. It does not have this kind of technology. 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We use it to collect all the transaction details for each company-owned or connected store on BEKE’s platform.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:12.719+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7fa02433-8075-449c-92c6-66ab7341285a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.59 }, "kind": "paragraph", "text": "We used the unique StoreID to collect all the transaction details for each Company owned and connected store on BEKE’s platform.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:12.719+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dda5b433-e9c4-4f41-bc76-6bc205462a93", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.28, "x": 0.36, "y": 0.89 }, "kind": "source-note", "text": "Above: the store ID displayed in the code", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Another set of completed transaction data (chengjiaoData) was available at the city level. We made an additional data collection of this city level data for some cities; however the store level data was used as the primary date set.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:05.772+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09a0ad7b-ef34-4d58-b574-362465ecb34f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.71 }, "kind": "paragraph", "text": "6. Approximately two thirds of the stores also listed their SAIC registration certificates on the platform alongside their SAIC registration number, registered name, and registered address. We used this SAIC license data to verify the store count, check ownership, and registration information.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:05.772+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09f1900d-e9b0-4508-a873-1d912fc4f897", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.16 }, "kind": "paragraph", "text": "Ultimately, we obtained detailed information for approximately two-thirds of the transactions that comprise our data set. For example, we obtained detailed information for 96,636 of the 142,220 existing home transactions identified from 5/25 to 8/8 in Step 3, a 76-day period.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:05.772+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28b2529c-b82d-4d3f-8148-d23f548076c7", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "Our program was able to collect the details of the most recent 10 existing home transactions’ details listed on each store’s page. If stores had more than 10 transactions during the 76-day period, only the most recent 10 transactions’ details were collected.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:05.772+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d2aa177-998f-43bb-b590-8197e5c20ecb", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.72, "x": 0.14, "y": 0.27 }, "kind": "paragraph", "text": "For example, to obtain our estimate of the average number of transactions for Shanghai in 2Q, we collected the data at the city level from April 25, 2021 to May 15, 2021. The results found 3,000 transactions over these 21 days. To avoid collecting a partial day, we selected just the 20 full days from April 26 to May 15. We prorated the results to be consistent with the data set and estimated that all Lianjia stores in Shanghai made 10,857 transactions over a 76-day period.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:05.772+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc66c873-0ea8-42c7-afb8-7a0f1d55ce78", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.64, "x": 0.18, "y": 0.68 }, "kind": "source-note", "text": "Above: example of completed transaction (chengjiao) data collected at the city level for Shanghai", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We then applied the daily average number of transactions to the number of days in each month over our 76-day period, this provides a volume of transactions for the 76 day period based on China Housing data. Then we take the sum and prorate the 76 days to the 91 days in 2Q21.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:07.039+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d85a456-e008-44dd-8798-fddee1513778", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.61 }, "kind": "paragraph", "text": "China Housing reported 402,000 transactions during the 2Q21. The estimated number of transactions for the 76-day period based off of China Housing data was 366,588. This calculation indicates an adjustment of +9.66% to our 76-day estimates would be appropriate to accommodate the timing difference.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:07.039+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44b16f6c-4726-414d-a0e9-a3c6155a2335", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.38 }, "kind": "paragraph", "text": "We collected Q2 data for the existing home sales from BEKE’s platform over the 76-day period from May 25 to August 8, 2021. This 76-day period straddles 6 weeks at the end of 2Q21 and 6 weeks at the beginning of 3Q21.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:07.039+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c141cf9-aeb1-473d-b635-8a2230b30877", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.44 }, "kind": "paragraph", "text": "Because of new policy initiatives aimed at reining in the residential real estate market, sales volumes declined at the beginning of the third quarter. 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"text": "Prorating this to 91 days generates a 2Q21 connected store existing home sale GTV estimate of RMB ~233 billion, implying the connected stores' existing home sales GTV was inflated by ~47.2%.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b5-768c-bb49-501657bc451c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "GTV inflation: 47.2%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b5-768c-bb49-5862771dc0ac", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.12, "y": 0.87 }, "kind": "paragraph", "text": "In 3Q21, the Company claimed that its connected stores' existing home sales GTV was RMB 192.9 billion. We conducted our estimation exercise and approximate BEKE's GTV in 3Q2021.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:06.374+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06edc215-1532-4ffe-893a-2891804af4f2", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.12, "y": 0.82 }, "kind": "paragraph", "text": "Last, we again apply the 9.66% additional adjustment for the timing difference between 2Q21 period and the 5/25 to 8/8 data collection period which increases the GTV estimate from ~177 billion to ~194.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:06.374+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "600ebabb-55e7-4b8a-973c-f0380030879a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "BEKE 3Q21 6-K, Financial Results — BEKE", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b5-768c-bb49-547dd6da796d", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.2, "x": 0.12, "y": 0.92 }, "kind": "source-note", "text": "97 BEKE 3Q21 6-K, Financial Results", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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As such we substituted these two cities' Q2 directly collected transaction pricing.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:06.818+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb9024ef-69c3-49d6-8645-b60627905104", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.215, "y": 0.758 }, "kind": "source-note", "text": "Notes: Wuhan's Avg Value per Reference City Transaction originates from the 2Q (5/25-8/22) data set. 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"list", "text": "Example 1: Branch No. 10 and No. 79 are also the Same Store", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:08.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1c2d0b1-b244-4731-831e-21be962de4c1", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.65 }, "kind": "paragraph", "text": "Further, Branch No. 10 was initially registered in unit 1-1914, which is currently occupied by a Century 21 branch... We believe Branch No. 10 only changed its registered address to hide its connection with Century 21 or Zhonghuan.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:08.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4626b061-0525-4a06-9f99-31f28910f20a", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.8, "x": 0.1, "y": 0.57 }, "kind": "paragraph", "text": "The use of similar but different store names and the extremely vague store location descriptions and addresses is a common theme on BEKE's platform. It suggests the platform created an ecosystem that was devised to obfuscate, allowing some stores to exist on paper alone.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:08.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b62ccbd-ade0-41f1-9c39-b8e021dc3806", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.23 }, "kind": "paragraph", "text": "Branch No. 10 and No. 79 are also co-located but presented as distinct and different stores on BEKE's platform with different store numbers, different branch numbers, and different SAIC business registrations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:08.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7689136e-ce10-4d88-886c-64b48bdd6adb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.12 }, "kind": "paragraph", "text": "In the report, we presented two examples in Sanhe Langfang that show BEKE inflates its store count by having ghost stores at the same location. This Appendix provides additional examples of Ghost Stores that we found:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:08.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0ca1f08-4c49-4f7e-a028-732e08c5ab17", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.1, "y": 0.88 }, "kind": "source-note", "text": "103/104: Links to BEKE store pages", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Yet when we visited the site, we could not find any Lianjia or other real estate brokerage to speak of.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:08.327+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27903b3a-5664-4f1f-81d3-737cc22e048b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Because of Lianjia's claims of an extensive national network, we believe Sanhe Langhang's examples indicate a systemic inflation of store and agent counts.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:08.327+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92b70c49-def7-47aa-8b4e-6af020f707d9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.39, "y": 0.6 }, "kind": "source-note", "text": "Source: Site Visits, Q4 2021", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:08.327+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "286776c5-fcaa-47cb-b364-621833dd80dc", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.7, "x": 0.15, "y": 0.23 }, "kind": "table", "text": "Table comparing Branch Company Name, Address, BEKE Platform Store Name, and Physical Location status.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:08.327+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13cd369a-c024-484e-8e8b-84a01d37941b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.33 }, "kind": "table", "text": "SAIC Registration Information for the SanHe City Lianjia Real Estate Brokerage Co, Yanjiao Branches", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:08.327+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b07c3157-62ac-4fe9-9cb7-96b3e5184255", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "db6c0b7e-e92a-4e22-86a8-c48cfab2dfbe", "evidence": "The slide presents a specific instance of a non-existent branch to expose systemic inflation of store counts.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:48:08.327+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 74, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 76, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The 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"name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 9, "textChars": 869, "nDataPoints": 0, "notes": "Evidence of potential fraudulent or inaccurate business registration data.", "elementsJson": [ "paragraph", "photo", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:48:09.402+00", "seconds": 3.9, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-3ced42d9dbe0/75", "deck": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0", "deckAnchor": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0#slide-75", "deckJson": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "According to the SAIC records, Branch No. 4 and 88 are registered on the same street, only two stores away. We visited these two branches' registered addresses. Yet we only found one Lianjia store (Branch 88). The location where Branch No. 4 should be is actually a restaurant.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b5-768c-bb49-ac953b164872", "parentComponentId": null }, { "bbox": { "h": 0.19, "w": 0.42, "x": 0.29, "y": 0.19 }, "kind": "image", "text": "No Branch No. 4 But a Restaurant", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "954a76e6-d86e-4089-983b-2dfe1458edde", "parentComponentId": null }, { "bbox": { "h": 0.37, "w": 0.66, "x": 0.17, "y": 0.49 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8fbc5236-c17c-485d-ace0-ba662355f84c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.12 }, "kind": "paragraph", "text": "According to the SAIC records, Branch No. 4 and 88 are registered on the same street, only two stores away. We visited these two branches' registered addresses. Yet we only found one Lianjia store (Branch 88). The location where Branch No. 4 should be is actually a restaurant.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ffc0d62-af17-4899-9c83-f4d259a2ec41", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.65, "x": 0.12, "y": 0.41 }, "kind": "paragraph", "text": "The Baidu Map also confirms that the restaurant is located at Branch No. 4's registered address.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0300757-a140-42b9-b4d9-c4f0b94c0667", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.14, "x": 0.43, "y": 0.87 }, "kind": "source-note", "text": "Source: Baidu Maps", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "316fb1c7-4f73-47cb-9596-2debcced969e", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.22, "x": 0.39, "y": 0.39 }, "kind": "source-note", "text": "Source: Site Visits, Q4 2021", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "785aa1d4-99df-47bd-89a1-2cabb88940eb", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "title", "text": "Example 3: SAIC Registrations Show Two Neighboring Lianjia Stores, But One is a Restaurant", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e2b3a46-8757-47f7-88e1-7550fbec1a71", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.3, "y": 0.46 }, "kind": "title", "text": "The Restaurant Xiang Gu Li 's address on Baidu maps", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a3ca0e8-777c-423c-8264-cd04437e3ae4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 76, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 3, "name": "Expose Contradiction", "beatId": "ddedf5e8-3914-43cf-aba0-b4c0cc55dd1d", "matchId": "ccbd5cfe-8970-416f-ab37-a5184abcdc17", "beatType": null, "evidence": "Repeated instances of contradictions and discrepancies in BEKE’s reporting", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 76, "type": "tension", "title": "The slide uses two tables to contrast registered addresses with physical reality and ownership structures.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 11, "textChars": 1610, "nDataPoints": 0, "notes": "The slide uses two tables to contrast registered addresses with physical reality and ownership structures.", "elementsJson": [ "paragraph", "data_table", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:48:09.016+00", "seconds": 3.443, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-3ced42d9dbe0/76", "deck": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0", "deckAnchor": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0#slide-76", "deckJson": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "This Deyou store registered in the location of a missing Lianjia store appears to be pulling double duty – doubling up as a Lianjia store and being counted as a Deyou store.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b5-768c-bb49-8c17cf52e5d7", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.764, "x": 0.118, "y": 0.645 }, "kind": "paragraph", "text": "Deyou is supposedly a franchise brand owned by BEKE, and all Deyou stores should be owned by franchisees.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.016+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0314c592-14e7-4acc-83af-bf33ceee56cf", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.515, "x": 0.148, "y": 0.341 }, "kind": "paragraph", "text": "Example 4: Missing Sanhe Lianjia Branches are Set up as Deyou Branches", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.016+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "077878e3-914a-4e7b-aa5a-c8cf676ad7ef", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.821 }, "kind": "paragraph", "text": "Yet the SAIC records indicate that this Deyou store shares the same registered address with a Lianjia store. This Deyou store registered in the location of a missing Lianjia store appears to be pulling double duty – doubling up as a Lianjia store and being counted as a Deyou store.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.016+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "307f807b-075d-4c4a-99fb-2f908b27fcf8", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.365 }, "kind": "paragraph", "text": "When reviewing Lianjia’s SAIC registrations, we found two Lianjia stores that share addresses with two Deyou stores. More importantly, in our site visits we found a Deyou store at one of these physical locations, but not Lianjia.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.016+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9efc09fb-132f-4a6b-be4d-4945945380e4", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "According to a Chinese corporate registration database, Branch No. 4 and No. 88 filed their 2020 annual reports and are supposedly active. Yet, both our site visits and the Baidu Maps indicate that Branch 4 does not exist.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.016+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aaf40ecd-d829-4d03-a1fd-699572de1948", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.578, "x": 0.211, "y": 0.697 }, "kind": "quote", "text": "We own Deyou brand, which is offered under a franchise model for connected brokerage stores...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.016+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5edea9a2-4070-487a-a9a3-539a8a24c375", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We own Deyou brand, which is offered under a franchise model for connected brokerage stores that seek for branding effect and access to solutions offered by Beike platform. — BEKE Prospectus Aug 13, 2021, p. 170", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b5-768c-bb49-90617a48f4c8", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.318, "x": 0.341, "y": 0.795 }, "kind": "source-note", "text": "Source: BEKE Prospectus Aug 13, 2021, p. 170", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.016+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a25c0885-f432-4195-a54e-6e487c867486", "parentComponentId": null }, { "bbox": { "h": 0.125, "w": 0.758, "x": 0.121, "y": 0.463 }, "kind": "table", "text": "Table comparing Branch No. 56 Lianjia registration with Langfang Wisdom Deyou registration.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.016+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47b4f7c2-80a0-4ab7-8ab1-9a4c572d0705", "parentComponentId": null }, { "bbox": { "h": 0.185, "w": 0.668, "x": 0.166, "y": 0.136 }, "kind": "table", "text": "Table comparing Branch No. 4 and No. 88 registration details vs physical location status.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.016+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad10e671-25ce-43e9-9922-a68f8d2e9671", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 76, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 3, "name": "Expose Contradiction", "beatId": "ddedf5e8-3914-43cf-aba0-b4c0cc55dd1d", "matchId": "ccbd5cfe-8970-416f-ab37-a5184abcdc17", "beatType": null, "evidence": "Repeated instances of contradictions and discrepancies in BEKE’s reporting", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 77, "type": "tension", "title": "The slide uses photographic evidence and a comparison table to highlight that a Lianjia-registered location is physically occupied by a Deyou franchise.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 7, "textChars": 1075, "nDataPoints": 0, "notes": "The slide uses photographic evidence and a comparison table to highlight that a Lianjia-registered location is physically occupied by a Deyou franchise.", "elementsJson": [ "paragraph", "data_table", "photo", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:48:09.065+00", "seconds": 3.427, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-3ced42d9dbe0/77", "deck": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0", "deckAnchor": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0#slide-77", "deckJson": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The double duty being pulled at Branch no. 56 is not a single incident. We also found Branch No. 36 and another Deyou store share a same registered address.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:32:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b5-768c-bb49-fdca04a0098f", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.56, "x": 0.22, "y": 0.4 }, "kind": "image", "text": "Photographic evidence of the Deyou store storefront", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01a33c6a-05da-43a4-b515-89c202c8c18e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.09 }, "kind": "paragraph", "text": "The double duty being pulled at Branch no. 56 is not a single incident. We also found Branch No. 36 and another Deyou store share a same registered address. When we visited, we only the found the Deyou store at that location.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42d10635-1838-4f08-acc9-bd962fcda162", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.12, "y": 0.65 }, "kind": "paragraph", "text": "As discussed earlier in this report, Lianjia stores and Deyou franchise stores present very different economic contributions to BEKE. All of the commissions collected by Lianjia stores are reported on a gross basis, while only a small percent of the commissions generated by Deyou stores plus some other possible fees flow to BEKE from Deyou operations. Therefore, changing from a Lianjia to a Deyou store is not a matter of rebranding, but one of economics – directly impacting commission revenue.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf74dfc5-c73e-449e-95a4-b190af3f2217", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.12, "y": 0.89 }, "kind": "source-note", "text": "106 三河市泽安房经纪有限公司, 燕郊开发区燕兴路西侧祥馨门店 92 号", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "864cf3e0-bae0-462b-a3c2-4dc7fb56e77f", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.66, "x": 0.17, "y": 0.14 }, "kind": "table", "text": "Comparison table of Lianjia and Deyou store addresses", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43944ce1-dcc9-4dac-83bf-9e2b9ad75d09", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.25, "y": 0.38 }, "kind": "title", "text": "Found Deyou Store at Lianjia Store's Registered Address", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:09.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bbea502-1cb8-4771-a8a0-385cfc61c6b0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a01166d7-9883-478e-87be-ba5b88a00f31", "evidence": "Exposing discrepancies between registered business addresses and physical store operations to imply revenue misreporting.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:48:09.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 77, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 3, "to": 76, "label": "Expose Contradiction", "description": "Repeated instances of contradictions and discrepancies in BEKE’s reporting" }, { "from": 6, "to": 53, "label": "Appendix Methodology", "description": "Detailed methodology for data collection and analysis" }, { "from": 11, "to": 64, "label": "Preempt Rebuttal", "description": "Anticipating and addressing potential rebuttals to the findings" } ], "loops": [ { "from": 3, "to": 10, "label": "Aha Moment", "description": "What is BEKE’s actual financial situation?" }, { "from": 14, "to": 20, "label": "Iceberg", "description": "What is the extent of BEKE’s revenue inflation?" }, { "from": 57, "to": 64, "label": "Cost Of Inaction", "description": "What are the consequences of not addressing BEKE’s fraud?" } ] }