BUSINESS

KE Holdings Stung by Property Slump, But Rental Gains Show Promise

Published: Nov. 12, 2025 1:25 a.m. GMT+8

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Also known as Beike, KE Holdings is a leading real estate transaction and service platform in China. Photo: VCG

KE Holdings Inc. posted a sharp decline in third-quarter profit as China’s deepening property slump continues to pressure its core brokerage business, though rapid gains in its rental services division suggest a strategic pivot may be taking hold.

The real estate platform, traded in both New York and Hong Kong, reported net profit of 747 million yuan ($105 million) for the three months ended Sept. 30, down 36.1% from a year earlier, the company said in a Monday earnings release. Net revenue rose slightly, gaining 2.1% to 23.1 billion yuan.

Also known as Beike, KE Holdings earns most of its revenue from commissions on home sales. But amid an industry-wide downturn, the company launched a “One Body, Three Wings” strategy in July 2023, reaffirming its brokerage roots while expanding into home renovation, long-term rentals and new home development.

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This is an AI-generated English rendering of original reporting or commentary published by Caixin Media. In the event of any discrepancies, the Chinese version shall prevail.

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KE Holdings' Q3 2023 net profit fell 36.1% to 747 million yuan despite a 2.1% revenue increase to 23.1 billion yuan.
Rental services surged 45.3% to 5.7 billion yuan, with profit up 186% to 498 million yuan, driven by its “Worry-Free Rental” model.
Emerging businesses now contribute over 45% of revenue, but overall gross profit declined 3.9% and margin narrowed to 21.4%.

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Who’s Who

KE Holdings Inc.: KE Holdings Inc. (also known as Beike) is a real estate platform trading in New York and Hong Kong. It reported a 36.1% decline in Q3 profit to 747 million yuan, though revenue rose 2.1%. Facing a shrinking property market, KE is diversifying with a "One Body, Three Wings" strategy, expanding into rentals and renovation. Rental services saw significant growth, while its core brokerage business declined.

AI generated, for reference only

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