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  "documentTitle": "KE Holdings (BEKE)",
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  "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": "Includes detailed footnotes referencing external data sources for real estate market analysis.",
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      "kind": "paragraph",
      "text": "To calculate the adjustment, we started with the monthly number of transactions reported by China Housing and convert that to a daily average for the months May through August. We then applied the daily average number of transactions to the number of days in each month over our 76-day period, this provides a volume of transactions for the 76 day period based on China Housing data. Then we take the sum and prorate the 76 days to the 91 days in 2Q21.",
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      "text": "China Housing reported 402,000 transactions during the 2Q21. The estimated number of transactions for the 76-day period based off of China Housing data was 366,588. This calculation indicates an adjustment of +9.66% to our 76-day estimates would be appropriate to accommodate the timing difference.",
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      "kind": "paragraph",
      "text": "We collected Q2 data for the existing home sales from BEKE’s platform over the 76-day period from May 25 to August 8, 2021. This 76-day period straddles 6 weeks at the end of 2Q21 and 6 weeks at the beginning of 3Q21.",
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      "text": "Because of new policy initiatives aimed at reining in the residential real estate market, sales volumes declined at the beginning of the third quarter. We therefore applied an upward adjustment to the collected data to reflect what should have been stronger sales volumes in the first half of 2Q21.",
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      "text": "Footnotes 80-87 detailing data sources and methodology.",
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      "text": "Table showing City, 2021 City Tier Rank, 2Q21 Avg House Listing Price, Reference City, Value per Reference City Transaction, Adjustment based on Avg House Listing Price (%), and Adjusted Transaction Value.",
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      "kind": "title",
      "text": "2Q21 Adjusted Transaction Values from CRE Price",
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