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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": "This is part of a short-seller report alleging fraudulent store count inflation by BEKE.",
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      "text": "Yet this even likely overstates the true extent of the misrepresentation, as our field work found many examples of ghost and clone stores which were listed as ‘active’ on BEKE’s platform and existed on paper, but not in reality.",
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      "text": "Photograph of street storefronts with annotations pointing to a restaurant and a Lianjia branch sign.",
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      "text": "BEKE presents its store count as having a linear relationship with GTV and revenues. Like the latter categories, our data collection of BEKE's platform showed massive exaggeration of BEKE's store count. Yet this even likely overstates the true extent of the misrepresentation, as our field work found many examples of ghost and clone stores which were listed as 'active' on BEKE's platform and existed on paper, but not in reality.",
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      "text": "In Appendix II, we include more information from our investigation of Langfang, including supplemental details and photos pertaining to the pattern of ghost stores observed in the examples provided here as well as additional examples.",
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      "text": "Source: Site Visits, Q4 2021",
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      "kind": "title",
      "text": "No Branch No. 4 But a Restaurant Xiang Gu Li",
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