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  "documentTitle": "KE Holdings (BEKE)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2021-12-16 00:00:00",
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  "notes": "The slide uses photographic evidence and registration tables to challenge the legitimacy of reported store counts.",
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      "kind": "callout",
      "text": "Another store simply didn't exist. Branch 51 is registered at Zhugedian Village in Yanjiao Town. Yet when we visited the site, we could not find any Lianjia or other real estate brokerage to speak of.",
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      "text": "Photographs of Lianjia Yanjiao Branch No. 79 and site visit to Zhugedian Village.",
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      "text": "In another example, Branches 4 and 88 are registered on the same street, only two stores away. When we visited, we only found one Lianjia store (Branch 88). The location where Branch 4 should be is actually a restaurant.",
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      "text": "Another store simply didn't exist. Branch 51 is registered at Zhugedian Village in Yanjiao Town. Yet when we visited the site, we could not find any Lianjia or other real estate brokerage to speak of.",
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      "text": "Source: Site Visits, Q4 2021",
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