<\/p>\n
KE Holdings Inc. Announces Fourth Quarter and Fiscal Year 2020 Unaudited Financial Results<\/b><\/p>\n
BEIJING–(BUSINESS WIRE<\/a>)– Business Highlights for the Fourth Quarter of 2020<\/b><\/p>\n Business Highlights for the Fiscal Year 2020<\/b><\/p>\n \nMr. Stanley Yongdong Peng, Co-founder and Chief Executive Officer of Beike, commented, \u201cWe achieved exceptional growth in 2020, closing the year with solid fourth quarter operational and financial results. Our massive scale, operating efficiency and high-quality services, combined with strong network effects, have created a virtuous cycle, spurring a 64.5% year-over-year jump in our full year GTV to RMB3.5 trillion. The ground we\u2019ve covered in the past year has cemented our confidence that the value brought by our commitment to doing the right thing even if it\u2019s difficult, is the foundation for all our achievements.\n<\/p>\n \nWith a focus on creating value for our customers and empowering stores and agents, our GTV for existing home transaction services grew by a substantial 49.5% to RMB1.94 trillion in 2020. Our platform vigorously promoted 8 core commitments to our customers, including authentic listing guarantees and transaction fund escrow services, which penetrated 84% of stores in the top 30 cities in the fourth quarter of 2020. GTV for new home transaction services climbed by 85% to RMB1.38 trillion in 2020, owing to our three-pronged approach of ensuring satisfaction of customers\u2019 needs, supporting service providers, and establishing relationships with an increasing number of real estate developers and providing more tailored and more efficient services that cater to their needs. We extended commission advances covering more than 40% of new home sales commission-split to connected stores and other platform participants in 2020, and successfully brought the whole process online. During the year, we also made solid headway in home decoration and renovation services, as well as financial services in preparation for our next phase of growth.\n<\/p>\n \nFor 2021, we have five focus areas – taking care of our customers, supporting service providers, cultivating our emerging services, creating social value, and enhancing technology\u2019s critical role in this broad market opportunity. We are confident of our growth trajectory, as we move closer to realizing our vision of providing comprehensive and trusted housing services to 300 million families in China,\u201d concluded Mr. Peng.\n<\/p>\n \nMr. Tao Xu, Chief Financial Officer of Beike, further commented, \u201cWe delivered another quarter of solid financial results, marked by high revenue growth and strong profitability. Our total net revenues in the fourth quarter increased by 57.6% year-over-year to RMB22.7 billion, exceeding the high end of our previous guidance range. We are also very pleased to witness that over 30% of stores on Beike platform had an annual GTV of RMB50 million or more in 2020, which we believe is an adequate level to support sustainable growth of the stores, compared to 19% in prior year, demonstrating the strong network effects of our agent cooperation network (ACN). Going forward, we will remain focused on taking better care of consumers and support platform participants such as brokerage brands, store owners, agents and real estate developers to take better care of consumers, while continuously strengthening our competitive moat and growing our business at a fast pace. As we continue to invest in our ACN infrastructure, user base expansion and innovative A.I. technologies, we are confident that we will further enhance our monetization capabilities and deliver sustainable growth.\u201d\n<\/p>\n Fourth Quarter 2020 Financial Results <\/b><\/p>\n Net Revenues<\/span><\/b><\/p>\n Net revenues<\/b> increased by 57.6% to RMB22.7 billion (US$3.5 billion) in the fourth quarter of 2020 from RMB14.4 billion in the same period of 2019. The increase was driven by the total GTV growth of 65.4% to RMB1,120.0 billion (US$171.6 billion) in the fourth quarter of 2020 from RMB677.1 billion in the same period of 2019.\n<\/p>\n Among that, (i) the revenue derived from platform service, franchise service and other value-added services, <\/b>which are mostly charged to connected stores and agents on the Company\u2019s platform increased by 64.8% to RMB1.0 billion (US$0.2 billion) in the fourth quarter of 2020 from RMB0.6 billion in the same period of 2019, as the GTV of existing home transactions served by connected agents on the Company\u2019s platform increased by 95.4% to RMB283.8 billion (US$43.5 billion) in the fourth quarter of 2020 from RMB145.2 billion in the same period of 2019, as well as moderate increase in existing home transaction commission rate charged from connected stores. The growth rate of GTV of existing home transactions served by connected agents exceeded that of the revenue derived from platform service, franchise service and other value-added services, primarily due to fee remission on recruiting, training and other VAS services, as well as a decrease in the total amount of upfront onboard fee charged to newly connected stores; and<\/p>\n (ii) commission revenue <\/b>increased by 55.1% to RMB8.2 billion (US$1.3 billion) in the fourth quarter of 2020 from RMB5.3 billion in the same period of 2019, driven by the GTV of existing home transactions served by the Company\u2019s Lianjia<\/i> brand increased by 51.l% to RMB300.9 billion (US$46.1 billion) in the fourth quarter of 2020 from RMB199.1 billion in the same period of 2019.\n<\/li>\n<\/ul>\n Cost of Revenues<\/span><\/b><\/p>\n Total cost of revenues<\/b> increased by 48.2% to RMB17.2 billion (US$2.6 billion) in the fourth quarter of 2020 from RMB11.6 billion in the same period of 2019, primarily attributable to the increase in both split commission to connected agents and other sales channels, and internal commission and compensation.\n<\/p>\n Gross Profit<\/span><\/b><\/p>\n \nGross profit increased by 97.4% to RMB5.4 billion (US$0.8 billion) in the fourth quarter of 2020 from RMB2.7 billion in the same period of 2019. Gross margin increased to 23.9% in the fourth quarter of 2020 from 19.1% in the same period of 2019. The increase in gross margin was mainly attributable to the decrease of internal commission and compensation as percentage of net revenues from existing home transactions services completed through Lianjia<\/i> brand, as well as the decrease of commission split as percentage of net revenues from new home transactions services completed through connected agents and other sales channels.\n<\/p>\n Income (Loss) from Operations<\/span><\/b><\/p>\n Total operating expenses<\/b> decreased to RMB4.2 billion (US$0.6 billion) in the fourth quarter of 2020 from RMB5.9 billion in the same period of 2019.\n<\/p>\n Income from operations <\/b>was RMB1,267 million (US$194 million) in the fourth quarter of 2020, compared to loss from operations of RMB3,123 million in the same period of 2019. Operating margin <\/b>was 5.6% in the fourth quarter of 2020, compared to negative 21.7% in the same period of 2019, primarily due to the decrease of share-based compensation expenses.\n<\/p>\n Adjusted income from operations<\/b>4<\/b><\/sup> was RMB2,231 million (US$342 million) in the fourth quarter of 2020, compared to adjusted loss from operations of RMB80 million in the same period of 2019. Adjusted operating margin<\/b>5<\/b><\/sup>was 9.8% in the fourth quarter of 2020, compared to negative 0.6% in the same period of 2019, mainly attributable to the increase of gross margin and improvement of operating leverage. Adjusted EBITDA<\/b>6<\/b><\/sup> increased by 2,183.9% to RMB2,897 million (US$444 million) in the fourth quarter of 2020 from RMB127 million in the same period of 2019.\n<\/p>\n Net Income (Loss)<\/span><\/b><\/p>\n Net income<\/b> was RMB1,096 million (US$168 million) in the fourth quarter of 2020, compared to net loss of RMB3,121 million in the same period of 2019.\n<\/p>\n Adjusted net income <\/b>increased by 4,424.8% to RMB2,001 million (US$307 million) in the fourth quarter of 2020 from RMB44 million in the same period of 2019.\n<\/p>\n Net Income (Loss) attributable to KE Holdings Inc.\u2019s ordinary shareholders<\/span><\/b><\/p>\n Net income attributable to KE Holdings Inc.\u2019s ordinary shareholders<\/b> was RMB1,095 million (US$168 million) in the fourth quarter of 2020, compared to net loss attributable to KE Holdings Inc.\u2019s ordinary shareholders of RMB3,699 million in the same period of 2019.\n<\/p>\n Adjusted net income attributable to KE Holdings Inc.<\/b>7<\/b><\/sup>increased by 4,508.2% to RMB2,000 million (US$307 million) in the fourth quarter of 2020 from RMB43 million in the same period of 2019.\n<\/p>\n Net Income (Loss) per ADS<\/span><\/b><\/p>\n Diluted net income per ADS attributable to KE Holdings Inc.\u2019s ordinary shareholders<\/b>8<\/b><\/sup> was RMB0.93 (US$0.14) in the fourth quarter of 2020, compared to diluted net loss per ADS attributable to KE Holdings Inc.\u2019s ordinary shareholders of RMB7.99 in the same period of 2019.\n<\/p>\n Adjusted diluted net income per ADS attributable to KE Holdings Inc.\u2019s ordinary shareholders<\/b>9<\/b><\/sup> was RMB1.71 (US$0.26) in the fourth quarter of 2020, compared to adjusted diluted net loss per ADS attributable to KE Holdings Inc.\u2019s ordinary shareholders of RMB1.15 in the same period of 2019.\n<\/p>\n Cash, Cash Equivalents, Restricted Cash and Short-Term Investments<\/span><\/b><\/p>\n \nAs of December 31, 2020, the combined balance of the Company\u2019s cash, cash equivalents, restricted cash and short-term investments amounted to RMB65.2 billion (US$10.0 billion).\n<\/p>\n Fiscal Year 2020 Financial Results<\/b><\/p>\n Net Revenues<\/span><\/b><\/p>\n Net revenues<\/b> increased by 53.2% to RMB70.5 billion (US$10.8 billion) in 2020 from RMB46.0 billion in 2019. The increase was driven by the robust total GTV growth by 64.5% to RMB3,499.1 billion (US$536.3 billion) in 2020 from RMB2,127.7 billion in 2019.\n<\/p>\n Among that, (i) the revenue derived from platform service, franchise service and other value-added services <\/b>increased by 94.3% to RMB3.0 billion (US$0.5 billion) in 2020 from RMB1.5 billion in 2019, as the GTV of existing home transactions served by connected agents on the Company\u2019s platform increased by 109.9% to RMB928.1 billion (US$142.2 billion) in 2020 from RMB442.1 billion in 2019, as well as moderate increase in existing home transaction commission rate charged from connected stores; and<\/p>\n (ii) commission revenue <\/b>increased by 19.7% to RMB27.6 billion (US$4.2 billion) in 2020 from RMB23.0 billion in 2019, driven by the GTV of existing home transactions served by the Company\u2019s Lianjia<\/i> brand increased by 18.3% to RMB1,011.9 billion (US$155.1 billion) in 2020 from RMB855.3 billion in 2019.\n<\/li>\n<\/ul>\n Cost of Revenues<\/span><\/b><\/p>\n Total cost of revenues<\/b> increased by 54.3% to RMB53.6 billion (US$8.2 billion) in 2020 from RMB34.7 billion in 2019, primarily due to the increase in both split commission to connected agents and other sales channels, and internal commission and compensation.\n<\/p>\n Gross Profit<\/span><\/b><\/p>\n \nGross profit increased by 49.6% to RMB16.9 billion (US$2.6 billion) in 2020 from RMB11.3 billion in 2019. Gross margin was 23.9% in 2020, compared to 24.5% in 2019. The decrease in gross margin was mainly due to a continuing revenue mix shift towards new home transaction services.\n<\/p>\n Income (Loss) from Operations<\/span><\/b><\/p>\n Total Operating expenses<\/b> increased by 7.4% to RMB14.0 billion (US$2.1 billion) in 2020 from RMB13.1 billion in 2019.\n<\/p>\n Income from operations <\/b>was RMB2,842 million (US$436 million) in 2020, compared to loss from operations of RMB1,786 million in 2019. Operating margin <\/b>was 4.0% in 2020, compared to negative 3.9% in 2019, primarily attributable to the decrease of share-based compensation expenses.\n<\/p>\n Adjusted income from operations<\/b> increased by 206.2% to RMB5,935 million (US$910 million) in 2020 from RMB1,938 million in 2019. Adjusted operating margin <\/b>increased to 8.4% in 2020 from 4.2% in 2019. Adjusted EBITDA<\/b> increased by 165.2% to RMB7,738 million (US$1,186 million) in 2020 from RMB2,917 million in 2019.\n<\/p>\n Net Income (Loss)<\/span><\/b><\/p>\n Net income <\/b>was RMB2,778 million (US$426 million) in 2020, compared to net loss of RMB2,180 million in 2019.\n<\/p>\n Adjusted net income <\/b>increased by 245.4% to RMB5,720 million (US$877 million) in 2020 from RMB1,656 million in 2019.\n<\/p>\n Net Income (Loss) attributable to KE Holdings Inc.\u2019s Ordinary Shareholders<\/span><\/b><\/p>\n Net income attributable to KE Holdings Inc.\u2019s ordinary shareholders<\/b> was RMB720 million (US$110 million) in 2020, compared to net loss attributable to KE Holdings Inc.\u2019s ordinary shareholders of RMB4,050 million in 2019.\n<\/p>\n Adjusted net income attributable to KE Holdings Inc. <\/b>increased by 246.3% to RMB5,717 million (US$876 million) in 2020 from RMB1,651 million in 2019.\n<\/p>\n Net Income (Loss) per ADS<\/span><\/b><\/p>\n Diluted net income per ADS attributable to KE Holdings Inc.\u2019s ordinary shareholders<\/b> was RMB0.95 (US$0.15) in 2020, compared to diluted net loss per ADS attributable to KE Holdings Inc.\u2019s ordinary shareholders of RMB8.82 in 2019.\n<\/p>\n Adjusted diluted net income per ADS attributable to KE Holdings Inc.\u2019s ordinary shareholders<\/b> was RMB3.69 (US$0.57) in 2020, compared to adjusted diluted net loss per ADS attributable to KE Holdings Inc.\u2019s ordinary shareholders of RMB0.47 in 2019.\n<\/p>\n Business Outlook<\/span><\/b><\/p>\n \nFor the first quarter of 2021, the Company expects total net revenues to be between RMB18.5 billion (US$2.8 billion) and RMB19.5 billion (US$3.0 billion), representing an increase of approximately 159.8% to 173.9% from the same quarter of 2020. This business outlook reflects the Company\u2019s current and preliminary view on the business situation and market condition, which is subject to change.\n<\/p>\n Conference Call Information<\/b><\/p>\n \nThe Company will hold a conference call on 9:00 PM U.S. Eastern Time on Monday, March 15, 2021 (9:00 AM Beijing\/Hong Kong Time on Tuesday, March 16, 2021) to discuss the financial results. Details for the conference call are as follows:\n<\/p>\n \nEvent Title: KE Holdings Inc. Fourth Quarter and Fiscal Year 2020 Earnings Conference Call\n<\/p>\n \nConference ID: 5058058\n<\/p>\n \nAll participants must use the link provided below to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique registrant ID by email.\n<\/p>\n \nPRE-REGISTER LINK:\n<\/p>\n http:\/\/apac.directeventreg.com\/registration\/event\/5058058 <\/a><\/p>\n \nA live and archived webcast of the conference call will also be available at the Company\u2019s investor relations website at http:\/\/investors.ke.com\/<\/a>.\n<\/p>\n \nThe replay will be accessible through March 23, 2021, by dialing the following numbers:\n<\/p>\n \nUnited States Toll Free:\n<\/p>\n<\/td>\n \n+1-855-452-5696\n<\/p>\n<\/td>\n<\/tr>\n \nMainland, China:\n<\/p>\n<\/td>\n \n400-602-2065\n<\/p>\n<\/td>\n<\/tr>\n \nHong Kong, China:\n<\/p>\n<\/td>\n \n+852-3051-2780\n<\/p>\n<\/td>\n<\/tr>\n \nInternational:\n<\/p>\n<\/td>\n \n+61-2-8199-0299\n<\/p>\n<\/td>\n<\/tr>\n \nConference ID:\n<\/p>\n<\/td>\n \n5058058\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Exchange Rate <\/b><\/p>\n \nThis announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.5250 to US$1.00, the noon buying rate in effect on December 31, 2020, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.\n<\/p>\n Non-GAAP Financial Measures <\/b><\/p>\n \nThe Company uses adjusted income (loss) from operations, adjusted net income (loss), adjusted net income (loss) attributable to KE Holdings Inc., adjusted operating margin, adjusted EBITDA and adjusted net income (loss) per ADS attributable to KE Holdings Inc.\u2019s ordinary shareholders, each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes. Beike believes that these non-GAAP financial measures help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its net income (loss). Beike also believes that these non-GAAP financial measures provide useful information about its results of operations, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making. A limitation of using these non-GAAP financial measures is that these non-GAAP financial measures exclude share-based compensation expenses that have been, and will continue to be for the foreseeable future, a significant recurring expense in the Company\u2019s business.\n<\/p>\n \nThe presentation of these non-GAAP financial measures should not be considered in isolation or construed as an alternative to gross profit, net income (loss) or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review these non-GAAP financial measures and the reconciliation to the most directly comparable GAAP measures. The non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company\u2019s data. Beike encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted income (loss) from operations<\/b> is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value of financial assets recognized as deemed marketing expenses and (iv) impairment of goodwill and intangible assets. Adjusted operating margin<\/b> is defined as adjusted income (loss) from operations as a percentage of net revenues. Adjusted net income (loss)<\/b> is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill and intangible assets, (v) impairment of investments and (vi) tax effects of the above non-GAAP adjustments. Adjusted net income (loss) attributable to KE Holdings Inc.<\/b> is defined as net income (loss) attributable to KE Holdings Inc., excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill and intangible assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Adjusted EBITDA <\/b>is defined as net income (loss), excluding (i) interest income, net, (ii) income tax expense (benefit), (iii) depreciation of property and equipment, (iv) amortization of intangible assets, (v) share-based compensation expenses, (vi) changes in fair value from long term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill and intangible assets and (viii) impairment of investments. Adjusted net income (loss) per ADS attributable to KE Holdings Inc.\u2019s ordinary shareholders<\/b> is defined as adjusted net income (loss) attributable to KE Holdings Inc.\u2019s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted.\n<\/p>\n \nPlease see the \u201cUnaudited reconciliation of GAAP and non-GAAP results<\/b>\u201d included in this press release for a full reconciliation of each non-GAAP measure to its respective comparable GAAP measure.\n<\/p>\n About KE Holdings Inc. <\/b><\/p>\n \nKE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building the industry infrastructure and standards in China to reinvent how service providers and housing customers efficiently navigate and consummate housing transactions, ranging from existing and new home sales, home rentals, to home renovation, real estate financial solutions, and other services. The Company owns and operates Lianjia<\/i>, China\u2019s leading real estate brokerage brand and an integral part of its Beike platform. With more than 19 years of operating experience through Lianjia<\/i> since its inception in 2001, the Company believes the success and proven track record of Lianjia<\/i> pave the way for it to build the industry infrastructure and standards and drive the rapid and sustainable growth of Beike.\n<\/p>\n Safe Harbor Statement<\/b><\/p>\n \nThis press release contains statements that may constitute \u201cforward-looking\u201d statements pursuant to the \u201csafe harbor\u201d provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as \u201cwill,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201caims,\u201d \u201cfuture,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201clikely to,\u201d and similar statements. Among other things, the business outlook and quotations from management in this press release, as well as Beike\u2019s strategic and operational plans, contain forward-looking statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the \u201cSEC\u201d), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.\u2019s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike\u2019s goals and strategies; Beike\u2019s future business development, financial condition and results of operations; expected changes in the Company\u2019s revenues, costs or expenditures; Beike\u2019s ability to empower services and facilitate transactions on Beike\u2019s platform; competition in our industry; relevant government policies and regulations relating to our industry; Beike\u2019s ability to protect the Company\u2019s systems and infrastructures from cyber-attacks; Beike\u2019s dependence on the integrity of brokerage brands, stores and agents on the Company\u2019s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.\u2019s filings with the SEC. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.\n<\/p>\n KE Holdings Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS <\/b><\/p>\n<\/td>\n<\/tr>\n (All amounts in thousands, except for share, per share data)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n As of \n\u00a0\n<\/p>\n<\/td>\n As of \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n RMB<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n RMB<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n US$<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n ASSETS<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Current assets<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n24,319,332\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n40,969,979\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,278,924\n<\/p>\n<\/td>\n<\/tr>\n \nRestricted cash\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,380,341\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,567,496\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,313,026\n<\/p>\n<\/td>\n<\/tr>\n \nShort-term investments\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,844,595\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n15,688,321\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,404,340\n<\/p>\n<\/td>\n<\/tr>\n \nShort-term financing receivables, net of allowance for\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \ncredit losses of RMB92,223 and RMB113,905 as of\n<\/p>\n<\/td>\n \nDecember 31, 2019 and 2020, respectively\n<\/p>\n<\/td>\n \n2,125,621\n<\/p>\n<\/td>\n \n3,931,641\n<\/p>\n<\/td>\n \n602,550\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts receivable, net of allowance for credit losses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nof RMB460,962 and RMB1,122,218 as of\n<\/p>\n<\/td>\n \nDecember 31, 2019 and 2020, respectively\n<\/p>\n<\/td>\n \n8,093,219\n<\/p>\n<\/td>\n \n13,183,559\n<\/p>\n<\/td>\n \n2,020,469\n<\/p>\n<\/td>\n<\/tr>\n \nAmounts due from and prepayments to related parties\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n927,306\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n484,349\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n74,230\n<\/p>\n<\/td>\n<\/tr>\n \nLoan receivables from related parties\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,929,076\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n36,378\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,575\n<\/p>\n<\/td>\n<\/tr>\n \nPrepayments, receivables and other assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,292,996\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,677,378\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n716,840\n<\/p>\n<\/td>\n<\/tr>\n Total current assets<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 51,912,486<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 87,539,101 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 13,415,954 <\/b><\/p>\n<\/td>\n<\/tr>\n Non-current assets<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nProperty and equipment, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,134,228\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,472,460\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n225,664\n<\/p>\n<\/td>\n<\/tr>\n \nRight-of-use assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,625,015\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,821,100\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,045,380\n<\/p>\n<\/td>\n<\/tr>\n \nLong-term financing receivables, net of allowance for\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \ncredit losses of RMB847 and RMB13,414 as of\n<\/p>\n<\/td>\n \nDecember 31, 2019 and 2020, respectively\n<\/p>\n<\/td>\n \n265,868\n<\/p>\n<\/td>\n \n218,018\n<\/p>\n<\/td>\n \n33,413\n<\/p>\n<\/td>\n<\/tr>\n \nLong-term investments, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,333,745\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,140,315\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n481,274\n<\/p>\n<\/td>\n<\/tr>\n \nIntangible assets, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,560,442\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,642,651\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n251,747\n<\/p>\n<\/td>\n<\/tr>\n \nGoodwill\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,477,075\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,467,497\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n378,160\n<\/p>\n<\/td>\n<\/tr>\n \nNon-current restricted cash\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n230,903\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \nOther non-current assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n725,550\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n994,394\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n152,398\n<\/p>\n<\/td>\n<\/tr>\n Total non-current assets<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 15,352,826<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 16,756,435 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2,568,036 <\/b><\/p>\n<\/td>\n<\/tr>\n TOTAL ASSETS<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 67,265,312<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 104,295,536 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 15,983,990 <\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n KE Holdings Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)<\/b><\/p>\n<\/td>\n<\/tr>\n (All amounts in thousands, except for share, per share data)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n As of \n\u00a0\n<\/p>\n<\/td>\n As of \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n RMB<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n RMB<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n US$<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n LIABILITIES<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Current liabilities<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,212,705\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,594,846\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,010,704\n<\/p>\n<\/td>\n<\/tr>\n \nAmounts due to related parties\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n263,659\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n254,255\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n38,966\n<\/p>\n<\/td>\n<\/tr>\n \nEmployee compensation and welfare payable\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,113,011\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,231,800\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,721,349\n<\/p>\n<\/td>\n<\/tr>\n \nCustomer deposits payable\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,382,803\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,743,256\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,033,451\n<\/p>\n<\/td>\n<\/tr>\n \nIncome taxes payable\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n994,815\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n986,465\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n151,182\n<\/p>\n<\/td>\n<\/tr>\n \nShort-term borrowings\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n720,000\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \nLease liabilities current portion\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,222,745\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,625,979\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n402,449\n<\/p>\n<\/td>\n<\/tr>\n \nShort-term funding debts\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,291,723\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,512,510\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n231,802\n<\/p>\n<\/td>\n<\/tr>\n \nContract liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n593,373\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n734,157\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n112,514\n<\/p>\n<\/td>\n<\/tr>\n \nAccrued expenses and other current liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,002,841\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,950,078\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n452,119\n<\/p>\n<\/td>\n<\/tr>\n Total current liabilities<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 27,797,675<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 33,633,346 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 5,154,536 <\/b><\/p>\n<\/td>\n<\/tr>\n Non-current liabilities<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDeferred tax liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n22,446\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,289\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,650\n<\/p>\n<\/td>\n<\/tr>\n \nLease liabilities non-current portion\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,914,240\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,833,914\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n587,572\n<\/p>\n<\/td>\n<\/tr>\n \nLong-term borrowings\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,890,030\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \nLong-term funding debts\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,500\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n15,000\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,299\n<\/p>\n<\/td>\n<\/tr>\n \nOther non-current liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n97,829\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,471\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n532\n<\/p>\n<\/td>\n<\/tr>\n Total non-current liabilities<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 7,932,045<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 3,869,674 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 593,053 <\/b><\/p>\n<\/td>\n<\/tr>\n TOTAL LIABILITIES<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 35,729,720<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 37,503,020 <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 5,747,589 <\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\nKE Holdings Inc. (\u201cBeike\u201d or the \u201cCompany\u201d) (NYSE: BEKE), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2020.\n<\/p>\n\n
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<\/b>December 31,<\/b><\/p>\n<\/td>\n\n \n
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<\/b>December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
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December 31,<\/b><\/p>\n<\/td>\n\n \n
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December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n