KE Holdings Inc. (BEKE)

Beike (KE Holdings Inc.) operates what it describes as the leading integrated online and offline platform for housing transactions and services in China. The platform covers existing and new home sales, home rentals, home renovation and furnishing, and other residential services. In 2025 it facilitated over 5.6 million housing transactions with an aggregate GTV of RMB3,183.3 billion (US$455.2 billion). The business began in 2001 through Beijing Lianjia, founded by Mr. ZUO Hui, and the Beike platform launched in 2018. KE Holdings Inc. was incorporated in the Cayman Islands in July 2018 as the holding company. It owns and operates Lianjia, which it describes as China's leading real estate brokerage brand in terms of service quality.

The company reports five main revenue streams: existing home transaction services, new home transaction services, home renovation and furnishing, home rental services, and emerging and other services. Existing home revenue comes from Lianjia commissions, platform service and franchise fees from brokerage firms and stores on the platform (including franchise brands such as Deyou), and value-added services such as closing support, field work assistance, and agent recruiting and training. New home revenue comes from sales commissions charged to developers. Home rental revenue comes from property management and operation, leasing agency, and related services. Other revenue includes financial services and newly developed businesses. The platform is built on the Agent Cooperation Network (ACN), which divides a transaction into roles and allocates commissions automatically among agents across brands and stores. Supporting modules include A+ and Link SaaS systems, the ke.com website, apps and Weixin Mini Programs, AI-powered tools such as a home search assistant, VR technology, payment solutions, transaction service centers, title clearance and escrow services, and agent training and recruiting. Platform governance tools include the Beike score and authentic property listing verification.

Beike serves housing customers (home buyers, sellers, landlords, tenants and those seeking renovation or furnishing), real estate brokerage brands, stores and agents, real estate developers, and home renovation, rental and other service providers. Developers use the platform as a sales channel for new home projects, with channel marketing, sales planning, reception and online marketing services. Brokerage brands and stores use the open infrastructure for platform and branding services, and customers reach agents through community-centric stores in China.

The principal executive offices are in Haidian District, Beijing. The registered office is in Grand Cayman. Because of PRC restrictions on foreign ownership of value-added telecommunication and certain financial businesses, the company operates through contractual arrangements with variable interest entities, which it consolidates under U.S. GAAP. Its ADSs have traded on the NYSE under "BEKE" since August 2020, and its Class A ordinary shares have traded on the Hong Kong Stock Exchange under code "2423" since May 2022. In April 2022 it completed the acquisition of Shengdu.