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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": "This is a short-seller research note page alleging fraud.",
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      "text": "We estimate that BEKE’s revenues are inflated by approximately ~77–96%.",
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      "text": "revenue inflation: 77-96%",
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      "text": "Our data collection of BEKE's platform indicates that the reported total store count at the end of 2Q was inflated at least 23%.",
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      "kind": "paragraph",
      "text": "Field work and site visits to the stores on the platform show a pattern of ghost stores... One example is the Zhonghuan store at Nanchang Ershishanzhong...",
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      "text": "Ghost Stores: Field Work Shows Fake Stores on BEKE's Platform. The graph below uses BEKE's reported numbers...",
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      "text": "Because BEKE's commission revenue is a function of its GTV... We estimate that BEKE's revenues are inflated by approximately ~77-96%.",
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      "kind": "title",
      "text": "Purported Growth in Revenue and GTV Supposedly Fueled by Growth in Agents and Stores",
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      "kind": "title",
      "text": "Ershishanzhong Store Registered Address",
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