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  "docSlug": "b32b6e967105",
  "documentTitle": "KE Holdings (BEKE)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-16 00:00:00",
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  "notes": "The slide uses photographic evidence and site visit reports to challenge the integrity of BEKE's reported store count.",
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      "kind": "callout",
      "text": "Of the 51 Lianjia stores we should have found in Langfang, 19 were ghost stores.",
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      "kind": "image",
      "text": "SAIC Registration and physical store photo",
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      "kind": "image",
      "text": "Site visit photos of Langfang Tianyangcheng branches",
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      "text": "store count: 59%",
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      "kind": "paragraph",
      "text": "Where we should have found two stores, we only found one. Of the 51 Lianjia stores we should have found in Langfang, 19 were ghost stores. We believe that BEKE overstated the store count by 59%.",
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      "kind": "paragraph",
      "text": "In another example in Sanhe Langfang, we found two separate active stores on the platform at the exact same location. Upon visiting the store, the agent confirmed to our investigator that the two stores had been folded in to one.",
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      "kind": "source-note",
      "text": "Source: Screenshot of SAIC Registration Displayed on BEKE's Platform and MW Investigator's Photo",
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      "text": "Source: Site Visits: Langfang Tianyangcheng branches No. 2 and 15 are the same store",
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      "kind": "title",
      "text": "Only one Lianjia Store was found following the directions",
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