{
  "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",
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  "pageNumber": 57,
  "pageCount": 77,
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  "slideType": "expose_contradiction",
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  "notes": "The slide presents screenshots of a real estate data platform to support a claim of inflated GTV figures by BEKE.",
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      "kind": "callout",
      "text": "BEKE claimed that its GTV from existing home sales was RMB 908 billion in 2Q-3Q 2021. Yet based on the transaction records collected from its own platform and the price disclosed by the Company, we calculated that BEKE's new home sales GTV was RMB 402 billion in 2Q-3Q 2021, suggesting the Company inflated its new home transaction GTV by at least 126%.",
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      "kind": "chart",
      "text": "Six city-level new home price trend charts",
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      "kind": "metric",
      "text": "GTV: 126%",
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      "subkind": "primary",
      "toolName": "Quantification",
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      "kind": "paragraph",
      "text": "BEKE claimed that its GTV from existing home sales was RMB 908 billion in 2Q-3Q 2021. Yet based on the transaction records collected from its own platform and the price disclosed by the Company, we calculated that BEKE's new home sales GTV was RMB 402 billion in 2Q-3Q 2021, suggesting the Company inflated its new home transaction GTV by at least 126%.",
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      "evidence": "The slide explicitly calculates a discrepancy between reported and calculated GTV to suggest inflation.",
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      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
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      "evidence": "Repeated instances of contradictions and discrepancies in BEKE’s reporting",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "795f35a3-30fc-4acf-9770-5cb2b0a1e8b5",
      "evidence": "Estimated GTV and revenue inflation",
      "position": 2,
      "objective": "What are the consequences of not addressing BEKE’s fraud?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
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