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  "documentTitle": "KE Holdings (BEKE)",
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  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-16 00:00:00",
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  "notes": "The slide uses a combination of qualitative field research (agent lists) and quantitative data (table of clone store percentages) to argue that BEKE's reported store count is misleading.",
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      "text": "BEKE uses many techniques to inflate its store count, including clone stores, in which BEKE sets up multiple stores on its platform with the same or similar name and/or location but a different suffix, such A, B or C.",
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      "text": "percentage of clone stores: 41.5%",
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      "kind": "paragraph",
      "text": "BEKE's franchised brand Deyou labels its stores A and B based on the stores' performance and the number of agents each store has. Initially, we thought Lianjia's A/B/C stores designations followed a similar ranking system.",
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      "text": "BEKE uses many techniques to inflate its store count, including clone stores, in which BEKE sets up multiple stores on its platform with the same or similar name and/or location but a different suffix, such A, B or C.",
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      "text": "Source: Data collected from BEKE's Platform on November 30, 2021",
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      "text": "Source: Store information on BEKE platform, Nov 2021",
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      "text": "Table: Identified cloned Lianjia stores in 7 cities",
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      "text": "Lianjia Yanjiao Branch No 2 & 15 Agent List Comparison",
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      "text": "c. Clone Stores",
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