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  "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",
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  "function": "expose_contradiction",
  "density": "balanced",
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  "notes": "The slide uses photographic evidence and a comparison table to highlight that a Lianjia-registered location is physically occupied by a Deyou franchise.",
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  "slideHref": "/slides/019dd923-622c-750b-8b97-3ced42d9dbe0/77",
  "deckHref": "/decks/019dd923-622c-750b-8b97-3ced42d9dbe0",
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      "kind": "callout",
      "text": "The double duty being pulled at Branch no. 56 is not a single incident. We also found Branch No. 36 and another Deyou store share a same registered address.",
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      "kind": "image",
      "text": "Photographic evidence of the Deyou store storefront",
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      "text": "The double duty being pulled at Branch no. 56 is not a single incident. We also found Branch No. 36 and another Deyou store share a same registered address. When we visited, we only the found the Deyou store at that location.",
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      "kind": "paragraph",
      "text": "As discussed earlier in this report, Lianjia stores and Deyou franchise stores present very different economic contributions to BEKE. All of the commissions collected by Lianjia stores are reported on a gross basis, while only a small percent of the commissions generated by Deyou stores plus some other possible fees flow to BEKE from Deyou operations. Therefore, changing from a Lianjia to a Deyou store is not a matter of rebranding, but one of economics – directly impacting commission revenue.",
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      "kind": "source-note",
      "text": "106 三河市泽安房经纪有限公司, 燕郊开发区燕兴路西侧祥馨门店 92 号",
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      "text": "Comparison table of Lianjia and Deyou store addresses",
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      "kind": "title",
      "text": "Found Deyou Store at Lianjia Store's Registered Address",
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