KE Holdings Inc.

Overview

KE Holdings Inc. operates Beike, an online-and-offline platform for housing transactions and services in China. Its services cover existing- and new-home transactions, rentals, home renovation and furnishing, and related offerings. The business traces its origins to Beijing Lianjia, founded in 2001; the Beike platform launched in 2018.[1]+3

The company states its mission as “admirable service, joyful living.” In 2025, KE Holdings reported net revenues of RMB94.6 billion and employed 119,245 people at year-end.[5]+2 [1]+6

Products & services

KE Holdings offers housing transaction services through Beike, its online and offline platform, and Lianjia, its company-operated brokerage brand. Its existing-home services include sales and rental brokerage, transaction support and platform services for other brokerages. For new homes, it provides developers with marketing and sales services carried out through agents and other channels on Beike.[8][9]

Its home renovation and furnishing services include the Beiwoo offering and services provided through Shengdu. Its Carefree Rent offering provides managed long-term rental properties and related rental services. Beike’s customer-facing tools include property listings with photographs, floorplans, transaction history and neighborhood information; RealSee VR provides three-dimensional property walkthroughs and live agent explanations. For agents and brokerages, its ACN framework standardizes transaction roles and commission allocation to support collaboration across stores and brands.[10]+4

In 2024, existing-home transactions accounted for approximately 30.2% of net revenue, new-home transactions 36.0%, home renovation and furnishing 15.8%, home rental 15.3%, and emerging and other services 2.7%. These are revenue categories, rather than sales figures for individual brands or tools.[15] [8]+7

Geographic presence

KE Holdings’ operations are concentrated in China. Its headquarters is in Beijing, and its leased facilities are primarily used for Lianjia brokerage stores in 26 Chinese cities and home-renovation and furnishing stores in 46 Chinese cities. As of December 31, 2024, it reported approximately 8,600 leased facilities, including about 83,500 square meters of office space in Beijing. It also owned a training center in Kunshan, Jiangsu, and a home-renovation and furnishing factory in Jinhua, Zhejiang.[16]

The company reports revenue by service line rather than by city or region, so a geographic revenue breakdown is not available in its reported figures.[9][17] [16]+3

Business segments

KE Holdings reports five business segments. In 2025, new home transaction services accounted for approximately 32% of net revenue, primarily from marketing services that help developers sell newly built homes. Existing home transaction services accounted for approximately 26%, covering brokerage services for existing-home sales and leases, platform and franchise services for brokerages, and transaction-related services.[19]+3

Home rental services contributed approximately 23% of 2025 net revenue through rental-property management and operation and related services. Home renovation and furnishing contributed approximately 16%, providing services that include design, remodeling, furnishing and after-sales support. Emerging and other services contributed the remaining approximately 2% and include financial services and newly developed businesses. The percentages are calculated from reported 2025 segment revenues and total net revenue.[22]+3 [19]+11

Company history

KE Holdings traces its origins to Beijing Lianjia, founded by Zuo Hui in September 2001. Lianjia developed a prototype of its Agent Cooperation Network in 2011, a system for collaboration among real estate agents. In 2018, the company launched Beike, opening Lianjia’s infrastructure to other brokerage brands, stores and agents.[25]+2

KE Holdings’ American depositary shares began trading on the New York Stock Exchange in August 2020. Following Zuo Hui’s death in May 2021, Peng Yongdong became chairman. In April 2022, KE completed its acquisition of Shengdu, expanding into home renovation and furnishing services; its shares were listed in Hong Kong the following month.[28]+3 [25]+6

Sources

• KE Holdings Inc. — Full financial report (2025 Y)
  12 citations

  [1][2][3][4][6][7][19][20][21][22][23][24]
• KE Holdings Inc. — Full financial report (2025 Y)[5]
• KE Holdings Inc. — Full financial report (2024 Y)
  9 citations

  [8][9][10][11][12][13][14][16][17]
• KE Holdings Inc. — Press release (2024 Y)[15]
• www.sec.gov[18]
• KE Holdings Inc. — Full financial report (2023 Y)
  5 citations

  [25][26][27][28][30]
• investors.ke.com[29]
• KE Holdings Inc. — Full financial report (2023 Y)[31]