Ke Holdings Inc.: Spring has finally arrived in China’s property market after a multi-year winter

Research evidence excerpt

Ke Holdings Inc.: Spring has finally arrived in China’s property market after a multi-year winter

Equity Research

China Technology

20 May 2026

Ke Holdings Inc.

Spring has finally arrived in

China’s property market after a Earnings Review

BEKE OVERWEIGHTmulti-year winter

Unchanged

1Q strong existing home recovery has extended into 2Q with China Technology POSITIVE

Shanghai and Beijing seeing price recovery of 4-6% from Jan Unchanged

to April; margins expand across business lines off streamlined Price Target raised 13% fromUSDUSD26.0023.00

headcount during the downturn; Reiterate OW and PT moves Price (18-May-26) USD 17.80

up to $26 Potential Upside/Downside +46.1% Source: Bloomberg, Barclays Research

Summary: Ever since the Chinese government's pro-growth pivot in September 2024, we have Market Cap (USD mn) 20778

been expecting a strong recovery in the residential property market in China, especially around Shares Outstanding (mn) 1167.34

tier 1 cities. After a couple of false starts in 2025, the recovery has finally arrived, in our opinion, Free Float (%) N/A

and the momentum of the recovery appears to be gathering steam, with BEKE seeing a strong 52 Wk Avg Daily Volume (mn) 5.6

spring rally in home transactions from January to April. Unlike previous cycles, management Dividend Yield (%) 1.55

noted the recovery is increasingly demand-driven underpinned by price corrections in 2H25 and Return on Equity TTM (%) 4.35

improving price stability in recent months. 1Q existing home GTV fell -7.9% yoy with transaction Current BVPS (USD) 18.95

volume up 12% yoy (volume +21% yoy in March), and the recovery has extended into 2Q, with Source: Bloomberg

April transaction volume surging 30% yoy, reaching near-record levels. Pricing nationwide is