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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": "The slide uses a short-seller research style to expose discrepancies between company-reported figures and independent transaction data.",
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      "text": "BEKE claims that its GTV from new home sales on its platform was RMB 908 billion in Q2-Q3, 2021. Based on the number of new home sales collected and the average sales price reported by BEKE, we estimate that BEKE's actual GTV from new home sales was only RMB 402 million, indicating that BEKE likely inflated new home GTV by at least approximately ~126%.",
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      "text": "GTV inflation: ~126%",
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      "text": "BEKE claimed that the GTV from new home sales on its platform was RMB 908 billion in Q2-Q3, 2021. Based on the number of new home sales collected and the average sales price reported by BEKE, we estimate that BEKE's actual GTV from new home sales was only RMB 402 million, indicating that BEKE likely inflated new home GTV by at least approximately ~126%.",
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      "text": "9 BEKE 2020 20-F, p.54\n10 BEKE 6-K, August 12, 2021, November 9, 2021\n11 BEKE 2020 20-F, pp. 91, 99\n12 https://www.creprice.cn/\n13 The data from the BEKE platform is available in 76-day increments.",
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      "kind": "source-note",
      "text": "Source: MW Data Collection",
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      "text": "RMB BN | 2Q 21 | 3Q 21 | 2Q-3Q 2021\nReported home sales GTV | 1,150 | 788 | 1,939\nHome sales GTV estimate from collected data | 656 | 521 | 1,177\nInflated % | 75% | 51% | 65%",
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      "text": "a. New Home Sales GTV Inflated by ~126%",
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