KE Holdings Responds to Rumors of Layoffs in Shanghai R&D Department

This Monday evening, in response to a rumor that the entire research and development (R&D) team of KE Holdings in Shanghai had been cut, KE Holdings said that since the beginning of this year, the industry environment has changed greatly, and the company has adjusted some financial businesses in Shanghai accordingly.

For the employees involved in this adjustment, proper arrangements will be made in strict compliance with national labor laws and other relevant laws and regulations, while providing them with internal transfer opportunities on a priority basis.

KE Holdings is an online and offline platform for housing transactions and services launched in 2018 by Lianjia, China’s leading real estate brokerage company. It was listed on the NYSE in August 2020.

In August, KE Holdings released its results for the second quarter and the first half of 2021. For the first half of 2021, KE Holdings’ net revenues increased by 64.6% to 44.9 billion yuan ($6.96 billion), and adjusted net income was 3.14 billion yuan. In the second quarter of 2021, its net income was 24.2 billion yuan, up 20% year-over-year.

Earlier, relevant media reported that KE Holdings is considering listing in Hong Kong and plans to raise about $2 billion. Goldman Sachs has been hired to take the lead on IPO matters. KE Holdings has denied such speculation.

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