{
  "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": 65,
  "pageCount": 77,
  "prevPage": 64,
  "nextPage": 66,
  "slideType": "appendix_methodology",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 20,
  "notes": "Includes detailed calculation tables for transaction estimates in specific cities.",
  "elementsJson": [
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-3ced42d9dbe0/65",
  "deckHref": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0#slide-65",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.85
      },
      "kind": "disclaimer",
      "text": "BEKE 2020 20-F, p.60 “In Beijing and Shanghai, where Lianjia has established significant market penetration, Lianjia is currently the only real estate brokerage brand with presence on Beike platform to guarantee high-quality customer services and strengthen market-leading positions in these two markets.”",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9e89e2d4-38b5-4c32-a4a0-82faec566a08",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Existing Home Transactions: 113,463",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b5-768c-bb48-6c727a90cd80",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.11,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "Our program’s “Find Agent” search identified stores with agents listed on the platform in 140 cities. This excludes Beijing or Shanghai where no non-self-operated Lianjia brand branch stores are operating.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c5edea3b-3e34-4d80-a446-6cc4c4935820",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "In Beijing and Shanghai, where Lianjia has established significant market penetration, Lianjia is currently the only real estate brokerage brand with presence on Beike platform to guarantee high-quality customer services and strengthen market-leading positions in these two markets. — BEKE 2020 20-F, p.60",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b5-768c-bb48-6aef9cf621d4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.6,
        "x": 0.2,
        "y": 0.28
      },
      "kind": "table",
      "text": "2Q21 Est. Number of Existing Home Transactions for Chengdu & Datong Connected Stores",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "43606fc3-434d-4a3b-bc6b-1ab6389346ee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.36,
        "x": 0.32,
        "y": 0.53
      },
      "kind": "table",
      "text": "2Q21 Estimated Number of 9 Cities’ Stores & Transactions As Calculated from 11/30 Data",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e7f8739d-1a16-49eb-a3a1-a919773183ba",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "26b45a40-6e3d-4078-aa8f-3eccbd34c374",
      "evidence": "2Q21 Estimated Number of 9 Cities' Stores & Transactions As Calculated from 11/30 Data",
      "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
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}