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  "documentTitle": "KE Holdings (BEKE)",
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  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-16 00:00:00",
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  "notes": "The table compares transaction counts for May-Aug 2021 vs June-Sept 2021. The text below the table provides a conclusion on GTV inflation.",
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      "text": "Therefore, based on the collected data we estimate that BEKE inflated GTV by at least ~126% in Q2-Q3 2021.",
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      "text": "GTV inflation: 126%",
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      "text": "Combining the average value per transaction reported by BEKE in its SEC filings with the number of home transactions revealed in our data collection, we estimate that BEKE's GTV from the sale of new homes through both its Lianjia and connected brokerages was only RMB 402 billion in Q2-Q3 2021. Therefore, based on the collected data we estimate that BEKE inflated GTV by at least ~126% in Q2-Q3 2021.",
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      "text": "14 For details on the methodology, assumptions, data and calculations in the estimates see Appendix I.",
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      "text": "Comparison of transaction volumes by city for two periods: May 25, 2021 - Aug 8, 2021 and June 30, 2021 - Sep 13, 2021.",
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