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  "docSlug": "b32b6e967105",
  "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 a sensitivity analysis regarding Shanghai transaction data and introduces a methodology for connected brokerages.",
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      "text": "After prorating our data to the number of days in the 3rd quarter, we estimate that Lianjia’s existing home sales GTV was approximately RMB ~161 billion in 3Q21, which suggests BEKE inflated the GTV by ~15%.",
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      "text": "GTV inflation: 15%",
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      "text": "After prorating our data to the number of days in the 3rd quarter, we estimate that Lianjia's existing home sales GTV was approximately RMB ~161 billion in 3Q21, which suggests BEKE inflated the GTV by ~15%.",
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      "text": "We note that our estimate is very sensitive to Shanghai's transaction numbers and average price per transaction. We believe Shanghai's estimates are conservative...",
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      "kind": "paragraph",
      "text": "BEKE's connected stores are supposedly independently owned and operated stores that sign up to the ACN network...",
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      "text": "Footnotes 91-95 detailing data sources and methodology.",
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      "text": "Table showing city-level adjustments to transaction values based on CRE price data.",
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      "text": "BEKE Inflated Lianjia's existing home sales GTV comparison table.",
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      "kind": "title",
      "text": "3Q21 Adjusted Transaction Values from CRE Price",
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      "kind": "title",
      "text": "ii. Existing Home Sales: Connected Brokerages",
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