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    Griffin Chan

    Director and Equity Research Analyst at Citigroup

    Griffin Chan is a Director and Equity Research Analyst at Citigroup, specializing in Hong Kong property and real estate sectors with coverage of companies such as Link REIT, Sunac China, and Seazen Group. He provides research and rating recommendations on a portfolio of 17 stocks and has maintained a 50% success rate on recent calls, with a historical average return per transaction of -14.6%. Chan has been in his current analyst role at Citi for multiple years, building a reputation for sector-specific insights after earlier experience in finance and equity research within Asia. He holds key professional credentials, is FINRA registered, and is frequently cited in industry publications for his expertise in real estate equities.

    Griffin Chan's questions to KE Holdings (BEKE) leadership

    Griffin Chan's questions to KE Holdings (BEKE) leadership • Q2 2025

    Question

    Griffin Chan from Citigroup questioned how the new property development model, which promotes quality and moving-ready homes, creates new opportunities for Beike in areas like demand forecasting and quality assessment.

    Answer

    Executive Director and CFO Tao Xu explained that this new model highlights Beike's value to developers. He noted that while new standard products may initially have lower brokerage penetration, they boost agent confidence and drive upgrades in cooperation models. Xu emphasized Beike's capabilities in pricing forecasts, unit mix forecasting, and customer insights, which help developers position products accurately and enhance competitiveness, extending Beike's value from brokerage to the product source.

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    Griffin Chan's questions to KE Holdings (BEKE) leadership • Q4 2024

    Question

    Griffin Chan questioned the results of the company's aggressive agent and store network expansion in 2024 and inquired about the strategy for 2025, asking if Beike would continue this growth path or pivot to focus more on AI-driven efficiency.

    Answer

    Tao Xu, Executive Director and CFO, confirmed that the 2024 strategy focused on growth, resulting in a 20% increase in active non-Lianjia stores and an 11% rise in agents, with a strong ROI demonstrated by a six-month payback period for new stores. For 2025, Xu stated that while growth and ecosystem development remain key, there will be an increasing focus on enhancing efficiency through digital tools and promoting the 'large store model' to drive productivity gains.

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    Griffin Chan's questions to KE Holdings (BEKE) leadership • Q1 2024

    Question

    Griffin Chan questioned management on the perceived effect of government-led home replacement ('old-for-new') policies on overall housing demand and asked how KE Holdings intends to participate and leverage its market leadership position.

    Answer

    CFO Tao Xu described the 'destocking' policies as a positive measure to rebalance market dynamics. He explained that KE Holdings is an active participant, having pioneered an 'old-for-new' model in Qingdao in 2022. This model, which has since expanded to 12 cities, helps developers attract incremental buyers and provides a more efficient experience for clients, completing nearly 200 such transactions in Qingdao in 2023.

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