KE Holdings (BEKE) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 18, 2023 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello ladies and gentlemen. Thank you for standing by for KE Holdings Inc’s First Quarter 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. Today’s conference call is being recorded.

I would now like to turn the call over to your host, Ms. Siting Li, IR Director of the Company. Please go ahead, Siting.

Siting Li

Thank you, Operator. Good evening and good morning, everyone. Welcome to KE Holdings or Beike’s ﬁrst quarter 2023 earnings conference call. The company’s ﬁnancial and operating results were published in the press release earlier today and are posted on the company’s IR website, investors.ke.com.

On today’s call, we have Mr. Stanley Peng, our Co-Founder, Chairman and Chief Executive Oﬃcer, and Mr. Tao Xu, our Executive Director and Chief Financial Oﬃcer. Mr. Peng will provide an overview of our strategies and business developments, and Mr. Xu will provide additional details on the company’s ﬁnancial results.

Before we continue, I refer you to our Safe Harbor statements in our earnings press release, which applies to this call as we will make forward-looking statements.

Please also note that Beike’s earnings press release and this conference call include discussions of unaudited GAAP ﬁnancial information as well as unaudited non-GAAP ﬁnancial measures. Please refer to the company’s press release which contains a reconciliation of the unaudited non-GAAP measures to comparable GAAP measures.

Lastly, unless otherwise stated, all ﬁgures mentioned during this conference call are in RMB.

With that, I will now turn the call over to our Chairman and CEO, Mr. Stanley Peng. Please go ahead, Stanley.

Stanley Peng

Thank you, Siting. Hello, everyone. Thank you for joining Beike’s first quarter 2023 earnings conference call.

During the past quarter, we have witnessed the real estate market in China, along with various other industries, rebounding from the pandemic. GTV of existing home sales in China increased by 51%, while GTV on new residential home sales increased by 7%, with sales of the top 100 developers growing by 2%, all on a year-over-year basis. Existing home transactions GTV on our platform increased by 78% year-over-year in the first quarter, and our new home sales GTV increased by 44% year-over-year in the first quarter, outperforming the industry by a great extent.