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  "documentTitle": "KE Holdings (BEKE)",
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  "authorName": "Carson C. Block",
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  "notes": "Includes a critique of reported agent numbers and a stacked bar chart showing the composition of full-time vs. dispatched workers.",
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      "text": "This suggests that the growth in the total agents in of the end of 2020, 28.5% of its labor force were either coming from labor dispatching agencies, or were simply invented.",
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      "text": "BEKE's Reported Agent Composition Change",
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      "text": "agent count: 47,790",
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      "kind": "paragraph",
      "text": "The difference between the 139,000 Lianjia agents reported and the 91,210 employed directly by BEKE suggests that at least 47,790 agents were employed through outsourcing agencies.",
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      "text": "As of December 31, 2020, Lianjia had approximately 139,000 agents, including agents employed by us and from labor dispatching or outsourcing agencies, and approximately 7,800 offline brokerage stores across 29 cities in China.",
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      "text": "As of December 31, 2020, Lianjia had approximately 139,000 agents, including agents employed by us and from labor dispatching or outsourcing agencies, and approximately 7,800 offline brokerage stores across 29 cities in China. — BEKE 2020, 20-F, p .60",
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      "kind": "source-note",
      "text": "Source: BEKE 2020, 20-F, p .60 / p .130",
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      "text": "57 Unlike prior quarters disclosures, the 47,790 number of dispatched workers was not disclosed; however, it can be calculated from the difference between the total number of Lianjia employees reported and the total number of agents who are either Lianjia employees or employed via dispatched labor services companies.",
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      "text": "Function: Agents and supporting staff (91,210), Platform operations (12,316), R&D (3,420), Business development (5,042), Admin (7,670). Total: 119,658.",
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