{
  "docId": "019dd923-622c-750b-8b97-3ced42d9dbe0",
  "docSlug": "b32b6e967105",
  "documentTitle": "KE Holdings (BEKE)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-16 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 17,
  "pageCount": 77,
  "prevPage": 16,
  "nextPage": 18,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses photographic evidence and platform screenshots to demonstrate that stores listed as active on BEKE are physically closed or double-counted.",
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  "slideHref": "/slides/019dd923-622c-750b-8b97-3ced42d9dbe0/17",
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      "kind": "callout",
      "text": "Our earliest data collection showed that the Nuojia 9 Dragon Seal store had 12 agents working in August 2021. We should have found an active store with between 14-24 agents and hundreds of properties advertised for sale. Instead, when our investigator visited this store at the address listed on the platform in September 2021, he found the store closed with a ‘for lease’ sign displayed.",
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      "kind": "image",
      "text": "Nuojia Chengjia 9 Dragon Seal Closed Store Front with For-Lease Sign",
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      "subkind": "photo",
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      "kind": "image",
      "text": "Nuojia Chengjia 9 Dragon Seal page on BEKE's platform",
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      "subkind": "screenshot",
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      },
      "kind": "list",
      "text": "Example Ghost Store 3: Seven Colors Baichuan Store",
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      "kind": "paragraph",
      "text": "BEKE’s Seven Colors Baichuan Store provides another example of an apparently double-counted ‘active’ store. According to BEKE’s platform, this store had 4-8 agents, almost 200 clients and over 164 properties listed for sale or rent in the past three months. On paper, it appears to be a thriving brokerage and certainly an ‘active store.’",
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      "kind": "paragraph",
      "text": "Our earliest data collection showed that the Nuojia 9 Dragon Seal store had 12 agents working in August 2021. We should have found an active store with between 14-24 agents and hundreds of properties advertised for sale. Instead, when our investigator visited this store at the address listed on the platform in September 2021, he found the store closed with a ‘for lease’ sign displayed.",
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      "kind": "paragraph",
      "text": "Our investigator then contacted a store agent to confirm the store address. The agent informed our investigator that the store moved to another store: Shuxiangmendi. However, this new store is listed on the platform as a separate store. In other words, the platform has two stores listed, including one that has been shut down.",
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  "metrics": [],
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      "evidence": "The slide systematically presents evidence of platform data manipulation (ghost stores) to support a thesis of fraudulent reporting.",
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  "loops": [
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      "matchId": "6c20d99c-cf67-4bf4-af11-50e40d44027a",
      "evidence": "Field work and site visits reveal ghost stores and clone stores",
      "position": 1,
      "objective": "What is the extent of BEKE’s revenue inflation?",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.8,
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