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  "docSlug": "b32b6e967105",
  "documentTitle": "KE Holdings (BEKE)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
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  "presentationDate": "2021-12-16 00:00:00",
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  "notes": "The table includes city-level transaction data and GTV estimates, with a final adjustment calculation at the bottom.",
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      "text": "Prorating this to 91 days generates a 2Q21 connected store existing home sale GTV estimate of RMB ~233 billion, implying the connected stores' existing home sales GTV was inflated by ~47.2%.",
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      "text": "GTV inflation: 47.2%",
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      "text": "In 3Q21, the Company claimed that its connected stores' existing home sales GTV was RMB 192.9 billion. We conducted our estimation exercise and approximate BEKE's GTV in 3Q2021.",
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      "text": "Last, we again apply the 9.66% additional adjustment for the timing difference between 2Q21 period and the 5/25 to 8/8 data collection period which increases the GTV estimate from ~177 billion to ~194.",
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      "text": "BEKE 3Q21 6-K, Financial Results — BEKE",
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      "text": "97 BEKE 3Q21 6-K, Financial Results",
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      "kind": "title",
      "text": "2Q21 - GTV Estimate for Connected Stores Existing Home Sales (76 Days) with Adjustments",
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