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  "documentTitle": "KE Holdings (BEKE)",
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  "authorName": "Carson C. Block",
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  "notes": "The slide uses screenshots of BEKE's platform to demonstrate that different branch numbers share the same location description, suggesting fraudulent store reporting.",
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      "text": "Example 1: Branch No. 10 and No. 79 are also the Same Store",
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      "text": "Further, Branch No. 10 was initially registered in unit 1-1914, which is currently occupied by a Century 21 branch... We believe Branch No. 10 only changed its registered address to hide its connection with Century 21 or Zhonghuan.",
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      "text": "The use of similar but different store names and the extremely vague store location descriptions and addresses is a common theme on BEKE's platform. It suggests the platform created an ecosystem that was devised to obfuscate, allowing some stores to exist on paper alone.",
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      "text": "Branch No. 10 and No. 79 are also co-located but presented as distinct and different stores on BEKE's platform with different store numbers, different branch numbers, and different SAIC business registrations.",
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      "text": "In the report, we presented two examples in Sanhe Langfang that show BEKE inflates its store count by having ghost stores at the same location. This Appendix provides additional examples of Ghost Stores that we found:",
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      "text": "103/104: Links to BEKE store pages",
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      "text": "Appendix II: Sanhe Langfang Ghost Store Case Study",
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