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  "documentTitle": "KE Holdings (BEKE)",
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  "notes": "Includes a transcript of an investigator interview with a Deyou store manager regarding a pilot program for commission inflation.",
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      "text": "Even using such a conservative assumption, we estimate that BEKE’s revenues are likely inflated by ~96%.",
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      "text": "Site visits uncovered another scheme to inflate commission rates. In the course of our investigation into Lianjia's operations, we found that Lianjia has also been franchising its brand...",
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      "text": "conservative. Even using such a conservative assumption, we estimate that BEKE's revenues are likely inflated by ~96%.",
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      "text": "We also found evidence that the Company is round tripping cash to connected brokerages in order to artificially inflate commission revenues...",
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      "text": "Deyou manager: You are talking about our pilot program...it is difficult for newcomers to take part in.",
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      "text": "De You manager: You are talking about our pilot program...it is difficult for newcomers to take part in. Investigator: Hard to participate in? De You manager: Yes. For new stores, because we have relatively high requirements for the pilot stores.",
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      "text": "BEKE's Estimated Revenue Overstatement Would be 96% if Commission Rates were 2.5% (2Q-3Q 2021)",
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