Real Estate Platform KE Holdings Reports $2.8 Billion in Q3 Revenue

KE Holdings Inc., an integrated online and offline platform for housing transactions and services, released its Q3 financial report on Monday, showing net revenue reaching 18.1 billion yuan ($2.8 billion), a decrease of 11.9% year-on-year.

The real estate firm’s net loss was 1.766 billion yuan, while the adjusted net loss was 888 million yuan.

Its gross transaction value (GTV) was 830.7 billion yuan in the third quarter, a decrease of 20.9% year-on-year. The GTV of existing and new home transactions was 378.2 billion yuan and 410.1 billion yuan, respectively.

Xu Tao, Executive Director and Chief Financial Officer of KE Holdings, added, “During the third quarter, we saw the GTV for both existing home and new home transaction services experiencing downward trends amidst necessary market corrections. We adopted multiple initiatives to enhance service quality and ensure good business conduct.”

The company now owns 53,946 stores – including 49,468 active stores – as of September 30, a 20.2% increase from one year ago. The firm’s number of agents was 515,486 as of September 30, a 7.9% increase from one year ago, of which 468,014 are now active.

The company’s mobile monthly active users (MAU) averaged 46.1 million, compared to 47.9 million in the same period of 2020.

“In the third quarter, we continued to execute our Agent Specialization Strategy and make further strides in digital empowerment by launching the ‘Xiaobei existing home sales training camp’, which helps agents to develop new skills to provide premium and focused services through highly efficient collaboration. For new home transaction services, we carried out stringent new home risk control measures, deepened digitalization, and enriched online content,” Peng Yongdong, Chairman of the Board and Chief Executive Officer of KE Holdings, commented.

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For the fourth quarter of 2021, KE Holdings expects total net revenues to be between 14.5 billion yuan and 15.5 billion yuan, representing a decrease of approximately 31.6% to 36.0% from the same quarter of 2020.