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  "documentTitle": "KE Holdings (BEKE)",
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  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-16 00:00:00",
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  "notes": "Includes a table comparing claimed vs. collected store data and references to 'ghost' and 'clone' stores.",
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      "text": "However, the actual number of stores collected from BEKE’s platform undermines the Company’s claims. Our data collection showed that as of July 16, 2021, the platform listed only 43,026 stores, suggesting that BEKE’s 2Q21 store count was inflated by at least 23%.",
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      "text": "store count: 23%",
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      "text": "Spot-checking BEKE's platform shows that even the platform overstates its store and agent count. To corroborate the data, we conducted field work and physical site visits, which showed a pattern of ghost and clone stores.",
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      "text": "The data shows that BEKE is exaggerating about its store count, but we think that this data collection vastly understates the true extent of BEKE's lie.",
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