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  "documentTitle": "KE Holdings (BEKE)",
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  "presentationDate": "2021-12-16 00:00:00",
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  "notes": "The slide uses a screenshot of a Chinese corporate registry (QCC) to highlight a discrepancy in employee numbers.",
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      "text": "A simple check of the SAIC data for BEKE’s subsidiaries imply that the Company is materially inflating its agent count in these key markets.",
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      "text": "QCC database record for Shanghai Deyou showing 1,310 employees",
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      "text": "Beijing and Shanghai are BEKE's two primary markets. The Company claimed that these two cities contributed 32% of revenue in 2020, and that Lianjia had 21,000 agents in Shanghai and 27,000 agents in Beijing as of Dec 31, 2020.",
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      "text": "Source: QCC (database of SAIC registration information)",
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      "text": "c. SAIC Data in BEKE's Leading Markets Show Overstated Agent Count",
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      "text": "i. Shanghai: SAIC Data in BEKE's Largest Market Show 100%+ Overstatement in Agent Count",
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