{
  "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": 18,
  "pageCount": 77,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses investigative findings (photos, agent interviews, and SAIC certificate cross-referencing) to challenge the integrity of store counts on the platform.",
  "elementsJson": [
    "paragraph",
    "photo",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-3ced42d9dbe0/18",
  "deckHref": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0#slide-18",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Again, we find what appears to be a single location accounting for two active stores on BEKE’s platform.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b5-768c-bb43-5cbc84acb1b0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.24,
        "x": 0.38,
        "y": 0.16
      },
      "kind": "image",
      "text": "Ghost Store at Listed Address",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4930302c-0be7-4e73-8e47-3711a5b269a5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.15,
        "y": 0.54
      },
      "kind": "image",
      "text": "Comparison of two Lianjia store listings",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff711baa-b9d2-407c-91e9-33001b8861f8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.72,
        "x": 0.14,
        "y": 0.46
      },
      "kind": "list",
      "text": "Example Ghost Store 4: Sanhe Langfang Lianjia Yanjiao Branch Stores 2 and 15 are the Same Store",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "72266cc3-2940-4746-bf68-c2cec6e1692e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.78,
        "x": 0.11,
        "y": 0.68
      },
      "kind": "paragraph",
      "text": "Again, the addresses of these stores listed on BEKE's platform only have the street name but no street number, so we had to contact the stores' agents to get directions. 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. Following their instruction, we found only one Lianjia store at Building No. 9, on the ground floor, next to the Commercial Bank.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "214e895a-222a-4543-87f1-1fa474de295a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "But it doesn't exist. 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,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4203e787-8f8f-481f-afee-28c76c385492",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "870adafa-2653-464f-8aa6-53ba7b1c79b1",
      "frameworkName": null,
      "frameworkSlug": 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. Again, we find what appears to be a single location accounting for two active stores on BEKE's platform.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fbd2fd08-e0fb-4d7b-aadd-8859c03990b9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.08,
        "x": 0.81,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Page 18 of 77",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da823500-251f-46ec-88c9-bbc66549122e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 76,
      "from": 3,
      "beatId": "ddedf5e8-3914-43cf-aba0-b4c0cc55dd1d",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Repeated instances of contradictions and discrepancies in BEKE’s reporting",
      "position": 0,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 53,
      "from": 6,
      "beatId": "d6258a57-2813-4874-af77-9bec6ca2bd69",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Appendix Methodology",
      "beatSlug": null,
      "evidence": "Detailed methodology for data collection and analysis",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 64,
      "from": 11,
      "beatId": "382ec6e2-a400-4ea9-8b1f-5841c2e59259",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Preempt Rebuttal",
      "beatSlug": null,
      "evidence": "Anticipating and addressing potential rebuttals to the findings",
      "position": 2,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 14,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "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,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}