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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",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-16 00:00:00",
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  "notes": "The slide uses two tables to contrast registered addresses with physical reality and ownership structures.",
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      "kind": "callout",
      "text": "This Deyou store registered in the location of a missing Lianjia store appears to be pulling double duty – doubling up as a Lianjia store and being counted as a Deyou store.",
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      "kind": "paragraph",
      "text": "Deyou is supposedly a franchise brand owned by BEKE, and all Deyou stores should be owned by franchisees.",
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      "kind": "paragraph",
      "text": "Example 4: Missing Sanhe Lianjia Branches are Set up as Deyou Branches",
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      "kind": "paragraph",
      "text": "Yet the SAIC records indicate that this Deyou store shares the same registered address with a Lianjia store. This Deyou store registered in the location of a missing Lianjia store appears to be pulling double duty – doubling up as a Lianjia store and being counted as a Deyou store.",
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      "kind": "paragraph",
      "text": "When reviewing Lianjia’s SAIC registrations, we found two Lianjia stores that share addresses with two Deyou stores. More importantly, in our site visits we found a Deyou store at one of these physical locations, but not Lianjia.",
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      "kind": "paragraph",
      "text": "According to a Chinese corporate registration database, Branch No. 4 and No. 88 filed their 2020 annual reports and are supposedly active. Yet, both our site visits and the Baidu Maps indicate that Branch 4 does not exist.",
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      "kind": "quote",
      "text": "We own Deyou brand, which is offered under a franchise model for connected brokerage stores...",
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      "kind": "quote",
      "text": "We own Deyou brand, which is offered under a franchise model for connected brokerage stores that seek for branding effect and access to solutions offered by Beike platform. — BEKE Prospectus Aug 13, 2021, p. 170",
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      "text": "Source: BEKE Prospectus Aug 13, 2021, p. 170",
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      "kind": "table",
      "text": "Table comparing Branch No. 56 Lianjia registration with Langfang Wisdom Deyou registration.",
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      "kind": "table",
      "text": "Table comparing Branch No. 4 and No. 88 registration details vs physical location status.",
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