KE Holdings Inc.
KE Holdings Inc. operates an integrated online and offline platform for housing transactions and services in China. Its business connects residential property buyers, sellers, landlords, tenants, and service providers through digital tools and brokerage-related services, with operations centered on mainland China and listings in New York and Hong Kong.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueBrokerage services for buying and selling homes, including agent-led transactions.
Online tools and marketplace services that help users search, compare, and transact.
Services supporting rental listings, tenant matching, and lease-related transactions.
Renovation, furnishing, and other post-transaction housing services.
Ancillary services connected to residential real estate transactions and ownership.
Products
Reported · share of revenue- New Home Transaction Services32.4 %
- Existing Home Transaction Services26.5 %
- Home Rental Services23.2 %
- Home Renovation and Furnishing Services16.3 %
- Emerging and Other Services1.7 %
Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
KE serves consumers involved in residential property transactions, especially buyers, sellers, tenants, and landlords in China’s housing market. It also serves real estate agents and service partners that rely on the platform for lead generation, transaction execution, and housing-related workflow tools. The business is tied to residential housing activity, so customer demand depends on transaction volumes, rental turnover, and home-service needs.
Buyers use the platform to search listings, compare homes, and complete transactions.
Sellers use KE’s brokerage and platform reach to market properties and close sales.
They use rental services for listings, matching, and lease-related transactions.
Agents use the platform for lead flow, transaction support, and service tools.
Customers buy renovation and related housing services after a property transaction.
Strategy
KE’s strategy centers on linking online discovery with offline housing transactions and service fulfillment. The platform model is designed to deepen user engagement across the residential property lifecycle, from search and brokerage to rentals and post-transaction services. Its strategic position depends on maintaining platform traffic, agent participation, and service breadth in China’s large but cyclical housing market.
Higher user engagement improves lead generation and transaction conversion across housing services.
More service layers increase monetization per transaction and improve customer retention.
Housing transactions still require local market participation and agent support.
Geography
KE is economically concentrated in mainland China, where residential housing transactions and related services are generated. The company is incorporated in the United States and has secondary market listings in New York and Hong Kong, but its operating footprint and customer base are centered in China. This geographic concentration means performance is closely linked to Chinese housing-market activity and local regulatory conditions.
Risks
KE is exposed to Chinese residential real-estate cyclicality, since transaction volumes and service demand depend on housing-market conditions. It also faces regulatory and execution risks tied to brokerage practices, platform trust, and the coordination of online and offline service delivery. Because the business is concentrated in one country and one end market, a slowdown in housing activity or tighter regulation can affect multiple revenue streams at once.
- China residential property downturnImpact: HighLikelihood: High
The business depends on housing transaction volumes and related services.
Exposure - Regulatory oversight of real estate servicesImpact: HighLikelihood: Medium
Brokerage, listings, and housing-platform activities operate under policy scrutiny.
Exposure - Competition for listings and agentsImpact: MediumLikelihood: High
Marketplace businesses depend on attracting inventory, traffic, and service providers.
Exposure
Accounting
Judgemental itemsAdjusted earnings exclude share-based compensation, amortization, and fair-value changes.
Impact: Affects comparability between reported and adjusted profitability
Long-term investments, loan receivables, and contingent consideration may be marked to fair value.
Impact: Can create non-cash volatility in earnings
Goodwill, intangibles, and other long-lived assets may require impairment review.
Impact: Can cause periodic charges when asset values weaken
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Last updated: 28/09/2026