{
  "docId": "019dd923-622c-750b-8b97-3ced42d9dbe0",
  "docSlug": "b32b6e967105",
  "documentTitle": "KE Holdings (BEKE)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-16 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 56,
  "pageCount": 77,
  "prevPage": 55,
  "nextPage": 57,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The table breaks down GTV, transaction volume, and commission rates for Lianjia vs. Connected stores.",
  "elementsJson": [
    "headline_text",
    "data_table",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-3ced42d9dbe0/56",
  "deckHref": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0#slide-56",
  "components": [
    {
      "bbox": null,
      "kind": "metric",
      "text": "Average price per transaction: 2.1",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b5-768c-bb46-f8267fe7bc13",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.76,
        "x": 0.12,
        "y": 0.33
      },
      "kind": "paragraph",
      "text": "Using BEKE's self-reported values for new home sales in 2020, we believe we are able to reasonably estimate such values for 2021 based on real estate housing data in China.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "14efa05a-2f6b-496e-a494-750bb24cff04",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.76,
        "x": 0.12,
        "y": 0.38
      },
      "kind": "paragraph",
      "text": "CRE Price, hosted by China Real Estate Association (CRE), is a platform that provides real estate transaction data in China, including average home prices by geographical location.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6f6b4002-ce34-45c6-9de7-afa8f0ef7bcb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.76,
        "x": 0.12,
        "y": 0.43
      },
      "kind": "paragraph",
      "text": "According to the CRE Price platform, on average over the past 2 years, new home prices have remained relatively unchanged. Therefore, we believe using the average value of new homes sold by BEKE in 2020 is reasonable to estimate the value of new homes sold by the Company in 2021. Below we show the two-year pricing trends for the Tier 1 Cities (Beijing and Shanghai), New Tier 1 Cities (Chengdu and Wuhan), and Tier 2 Cities (Taiyuan and Changsha). The CRE price data indicates that prices were largely unchanged in Q2-Q3 2021 compared with 2020.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "931c340a-5cc4-4114-aef6-db4fddb0c49f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.218,
        "w": 0.433,
        "x": 0.283,
        "y": 0.106
      },
      "kind": "table",
      "text": "Table showing GTV, transaction counts, average price per transaction, revenue, and commission rate for Lianjia and Connected stores.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8e732994-ff8d-4ee4-a9b8-9740f5ecc002",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.35,
        "y": 0.09
      },
      "kind": "title",
      "text": "BEKE's Average Price per New Home",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "87e0f4fc-300a-4434-957e-482f1f2f1988",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "87e7afd4-f32b-4ba8-8a5c-d7168ae72791",
      "evidence": "table/data: Table showing GTV, transaction counts, average price per transaction, revenue, and commission rate for Lianjia and Connected stores.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 76,
      "from": 3,
      "beatId": "ddedf5e8-3914-43cf-aba0-b4c0cc55dd1d",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Repeated instances of contradictions and discrepancies in BEKE’s reporting",
      "position": 0,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 64,
      "from": 11,
      "beatId": "382ec6e2-a400-4ea9-8b1f-5841c2e59259",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Preempt Rebuttal",
      "beatSlug": null,
      "evidence": "Anticipating and addressing potential rebuttals to the findings",
      "position": 2,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}