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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 screenshots of a government website to validate the discrepancy.",
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      "text": "The results showed that although the reported store count closely matched, the number of Zhonghuan agents was exaggerated by 50%.",
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      "text": "agent count inflation: 50%",
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      "text": "We checked these numbers against the Nanchang Registry. The results showed that although the reported store count closely matched, the number of Zhonghuan agents was exaggerated by 50%.",
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      "kind": "paragraph",
      "text": "In 2019, BEKE acquired a real estate brokerage called Zhonghuan. Our collection of data from BEKE's platform found that in late August 2021, Zhonghuan's Nanchang operation had 363 stores with 2,050 agents.",
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      "kind": "paragraph",
      "text": "We believe that BEKE uses former agents who have left the Company to inflate the agent count on its platform. For example, according to BEKE's platform, Zhonghuan Youjia No. 3 store supposedly has 12 agents.",
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      "text": "Source: Nanchang Housing Security and Real Estate Administration database, Data collected from BEKE platform",
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      "text": "Comparison table of BEKE platform vs Nanchang Registry data",
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