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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 highlights a discrepancy between claimed figures and official government registration data for BEKE's Shanghai entities.",
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      "kind": "callout",
      "text": "BEKE claimed 21,000 agents in Shanghai, while SAIC data for its two Shanghai brokerage subsidiaries show only 9,996 employees and 199 employees in its other subsidiaries.",
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      "text": "Inflated %: 106%",
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      "text": "We think even this metric likely understates the extent of BEKE's misrepresentations. The employee count reported in the SAIC data of BEKE's Shanghai subsidiaries should include a number of employees who are not agents. This means that of the 10,197 employees reported in the SAIC data, a portion should be non-agent support staff such as secretaries and internal accountants.",
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      "text": "We learned that BEKE is registering some Shanghai employees who have hukous in other cities in its Shenzhen entities. However, BEKE claimed 21,000 agents in Shanghai, while SAIC data for its two Shanghai brokerage subsidiaries show only 9,996 employees and 199 employees in its other subsidiaries (including its VIE). In our opinion, this legally dubious maneuver is unlikely to account for much of the delta because of the potential to attract negative attention and the implication that so little of its agent base is from Shanghai.",
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      "text": "We learned that BEKE is registering some Shanghai employees who have hukous in other cities in its Shenzhen entities. However, BEKE claimed 21,000 agents in Shanghai, while SAIC data for its two Shanghai brokerage subsidiaries show only 9,996 employees and 199 employees in its other subsidiaries (including its VIE). — Muddy Waters Capital",
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      "text": "Registration details for Deyou Real Estate Agency",
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      "text": "Shanghai Agent Overstatement: SAIC Data vs. Claimed",
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      "kind": "title",
      "text": "Deyou Real Estate Agency: 8,686 employees",
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