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  "docSlug": "b32b6e967105",
  "documentTitle": "KE Holdings (BEKE)",
  "authorId": "51_Muddy_Waters",
  "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 uses photographic evidence of a store plaque and a business license to highlight a specific case of address inconsistency.",
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      "text": "We believe that BEKE intentionally creates inconsistencies such as these to misrepresent its actual store counts.",
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      "text": "However, the store has a different address listed in its SAIC business license certificate. The accompanying SAIC business license provided to the store page shows Branch No. 53 is registered in District E, building 1, 1st Floor, Unit 1, Suite A1-8, which should be E1-A1-8 and not E2-A1-8 as listed elsewhere.",
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      "kind": "paragraph",
      "text": "Two of the seven Lianjia stores in question are registered side by side, Branch No. 53 in unit A1-8 and Branch No. 54 in unit A1-9. The same single store occupies these two addresses and shows up in the SAIC records as two different locations, but in reality, these are a single store.",
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      "kind": "paragraph",
      "text": "On BEKE's platform, Branch 53 is also known as Lianjia ShouErTianCheng No. 2 and the listed address matches with the address plaque hung outside of the store.",
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      "kind": "paragraph",
      "text": "We believe that BEKE intentionally creates inconsistencies such as these to misrepresent its actual store counts. But that is not the only trick we observed in our field work.",
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      "kind": "source-note",
      "text": "38 https://m.ke.com/store/18090400891701434975.html, 链家首尔甜城二店, 三河市燕郊开发区燕顺路首尔甜城 MOBO公寓北面底商 E2-A1-8",
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