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  "docSlug": "b32b6e967105",
  "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": "The slide presents evidence of active listings for stores that should have been closed, comparing transaction volumes against store averages.",
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      "text": "No. 2 and No. 15 is 159% higher than other Lianjia stores in Sanhe Langfang, which supports our belief that BEKE uses these ghost stores to inflate its transaction volumes.",
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      "text": "Screenshots of Lianjia store profiles",
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      "text": "Transaction Volumes: 159%",
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      "text": "In our research, we found that many stores that were recently closed or merged have not been de-platformed. These stores should show zero agents. However, in contrast, as of the middle of November 2020, both Branch No. 2 (Store No. 2) and Branch No. 15 (Store No. 6) continue to be presented as separate stores with active agents.",
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      "text": "No. 2 and No. 15 is 159% higher than other Lianjia stores in Sanhe Langfang, which supports our belief that BEKE uses these ghost stores to inflate its transaction volumes.",
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      "kind": "paragraph",
      "text": "Additionally, a side-by-side comparison of the agents at these two branches shows no overlap, again suggesting that these are two separate branch locations.",
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      "kind": "source-note",
      "text": "Source: BEKE's platform",
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      "text": "5 Month Transaction Volumes Comparison",
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