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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": "The slide uses screenshots of agent profiles and registry data to contrast platform listings with actual employment status.",
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      "text": "Our collected data indicates that there are far fewer agents on BEKE’s platform than it reports to investors.",
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      "text": "Screenshots of agent profiles on BEKE platform and registry records.",
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      "text": "Our collected data indicates that there are far fewer agents on BEKE’s platform than it reports to investors. But the Nanchang registry implies that the number of active agents is substantially less than the number of agents on the platform, likely because the registry is scrubbed far more often for real estate agents who drop out of the business or leave the Company.",
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      "text": "We corroborated this conclusion with other data sources, including SAIC data, which confirm that BEKE’s agent count is materially overstated.",
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      "text": "Yet when we compared the listed agents at Zhonghuan Youjia No. 3 and the Registry, we found three agents had already left Zhonghuan.",
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      "text": "The three agents’ information on BEKE’s platform: [URLs]. SAIC data is from QiChaCha.",
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