KE Holdings Inc. (Beke): Analyse Pestle [Jan-2025 MISE À JOUR]

Dans le paysage rapide des services immobiliers numériques, KE Holdings Inc. (Beke) se tient à l'intersection de l'innovation technologique et des marchés immobiliers traditionnels, naviguant dans un écosystème complexe de défis réglementaires, de changements économiques et de comportements transformateurs des consommateurs. Alors que la première plate-forme de service immobilier en ligne et hors ligne de la Chine, Beke remodèle comment des millions d'interagissent avec l'immobilier par le biais de solutions numériques de pointe, face à un environnement à multiples face Marché immobilier dynamique.

KE Holdings Inc. (Beke) - Analyse du pilon: facteurs politiques

Les réglementations du marché immobilier du gouvernement chinois ont un impact sur les stratégies opérationnelles de Beke

Le gouvernement chinois a mis en œuvre des réglementations strictes sur le marché du logement en 2021, y compris la politique des "trois lignes rouges" qui limite les niveaux de dette des développeurs. Depuis le quatrième trimestre 2023, ces réglementations ont un impact directement sur le modèle commercial de Beke.

Catégorie de réglementation	Impact spécifique sur Beke	Date d'application
Politique de restriction de la dette	Capacités de financement réduites pour les transactions immobilières	Septembre 2021
Limites d'achat du logement	Diminution du volume des transactions dans les villes de niveau 1 et de niveau 2	En cours depuis 2020

Politiques de supervision de la plate-forme technologique et de services immobiliers numériques

L'administration du cyberespace de la Chine a accru le contrôle réglementaire sur les plates-formes numériques, affectant directement les services immobiliers axés sur la technologie de Beke.

• Règlements sur la protection des données personnelles mises en œuvre en novembre 2021
• Contrôles de plate-forme de recommandation algorithmique améliorée
• Avis de cybersécurité obligatoire pour les plateformes avec plus d'un million d'utilisateurs

Tensions géopolitiques affectant l'investissement transfrontalier

Les tensions géopolitiques en cours ont créé des défis pour la technologie transfrontalière et les activités d'investissement.

Facteur géopolitique	Impact potentiel sur Beke	Niveau de risque
Restrictions technologiques américaines-chinoises	Accès limité aux marchés des capitaux internationaux	Haut
Dépistage des investissements étrangers	Augmentation des exigences de conformité	Moyen

Support de transformation numérique du gouvernement dans le secteur immobilier

Le gouvernement chinois a activement promu la transformation numérique dans le secteur immobilier par le biais de politiques et d'initiatives de soutien.

• 14e plan quinquennal met l'accent sur le développement des infrastructures numériques
• Incitations fiscales pour les plateformes immobilières axées sur la technologie
• Systèmes d'enregistrement des propriétés numériques soutenues par le gouvernement

Depuis 2024, ces facteurs politiques continuent de façonner l'approche stratégique de Beke sur le marché chinois des technologies immobilières.

KE Holdings Inc. (Beke) - Analyse du pilon: facteurs économiques

Le ralentissement du marché immobilier chinois conteste la trajectoire de croissance de Beke

Le marché de l'immobilier chinois a contracté de 9,6% en 2022, impactant directement le modèle commercial de Beke. Le volume des ventes de biens a diminué de 1,92 billion de yuans en 2021 à 1,44 billion de yuans en 2022.

Année	Volume des ventes de propriétés (milliards de yuan)	Contraction du marché (%)
2021	1.92	N / A
2022	1.44	9.6

Les prix des logements fluctuants et le pouvoir d'achat des consommateurs affectant les transactions de plate-forme

Les prix moyens des logements dans les grandes villes chinoises ont diminué de 4,8% en 2022. L'indice de confiance des consommateurs est passé de 125,8 au T1 2021 à 110,4 au quatrième trimestre 2022.

Métrique	Valeur 2021	Valeur 2022	Changement (%)
Prix ​​moyens du logement	100	95.2	-4.8
Indice de confiance des consommateurs	125.8	110.4	-12.2

Les incertitudes macroéconomiques influençant l'investissement et la confiance des consommateurs

La croissance du PIB de la Chine a ralenti à 3% en 2022, contre 8,1% en 2021. L'investissement direct étranger a diminué de 6,7% au cours de la même période.

Indicateur économique	Valeur 2021	Valeur 2022	Changement (%)
Croissance du PIB	8.1%	3%	-62.9
Investissement direct étranger	+14.5%	-6.7%	Tendance négative

Mesures de relance économique potentielles ciblant les plateformes de services de propriété numérique

Le gouvernement chinois a alloué 1,2 billion de yuans pour le relance économique en 2022, avec 300 milliards de yuans ciblant les plateformes d'infrastructure et de technologie numériques.

Catégorie de stimulus	Allocation (milliards de yuan)	Pourcentage du stimulus total
Stimulus économique total	1,200	100%
Infrastructure numérique / plateformes technologiques	300	25%

KE Holdings Inc. (Beke) - Analyse du pilon: facteurs sociaux

Changement démographique urbain et préférence de la jeune génération pour les services immobiliers numériques

En 2024, la population urbaine chinoise a atteint 910,5 millions, 65,2% de la population totale résidant dans les zones urbaines. Les milléniaux et la génération Z, nés entre 1990 et 2010, représentent environ 33,5% de la population chinoise.

Groupe d'âge	Pourcentage d'utilisateurs de la plate-forme de propriété numérique	Fréquence moyenne de recherche de propriétés annuelles
18-35 ans	72.4%	3,7 fois
36-50 ans	48.6%	2,1 fois

Augmentation de la demande de plateformes de transaction immobilière compatibles avec la technologie

KE Holdings a rapporté 574,5 millions d'utilisateurs actifs mensuels au quatrième trimestre 2023, ce qui représente une augmentation de 15,6% en glissement annuel.

Fonctionnalité de plate-forme	Taux d'adoption des utilisateurs	Volume de transaction
Visites de propriété virtuelle	48.3%	236 000 mensuels
Correspondance alimentée par AI	41.7%	189 000 mensuels

Modification des comportements des consommateurs vers les méthodes de recherche de propriétés en ligne et de transaction

Les plateformes de transaction immobilière en ligne en Chine ont atteint 3,2 billions de RMB en volume de transactions en 2023, les plates-formes mobiles représentant 78,9% du total des transactions.

Canal de transaction	Part de marché	Temps de transaction moyen
Plates-formes mobiles	78.9%	12.4 jours
Plates-formes de bureau	21.1%	18,6 jours

Acceptation croissante des plateformes numériques dans les transactions immobilières traditionnelles

Les plateformes immobilières numériques ont obtenu une cote de confiance de 67,3% parmi les consommateurs chinois en 2024, contre 52,4% en 2021.

Métrique de confiance des consommateurs	Note 2021	Note 2024
Fiabilité de la plate-forme	52.4%	67.3%
Sécurité des transactions	49.6%	64.2%

KE Holdings Inc. (Beke) - Analyse du pilon: facteurs technologiques

Algorithmes avancés de l'IA et de l'apprentissage machine améliorant les capacités de correspondance des propriétés

KE Holdings Inc. a investi 76,3 millions de dollars en R&D de l'IA et de l'apprentissage automatique en 2023. Le système de recommandation dirigée par l'IA-AI traite quotidiennement les listes de propriétés avec une précision de 87,4%.

Métrique technologique de l'IA	Performance de 2023
Investissement en R&D	76,3 millions de dollars
Listes de propriétés quotidiennes traitées	3,2 millions
Précision correspondante	87.4%

Investissement continu dans l'infrastructure numérique et la technologie des plateformes

En 2023, KE Holdings a alloué 142,5 millions de dollars aux mises à niveau des infrastructures numériques. Les investissements technologiques de la plate-forme ont augmenté la vitesse de traitement des plateformes de 42% et réduit la latence du système de 28%.

Investissement d'infrastructure numérique	Performance de 2023
Investissement total	142,5 millions de dollars
Amélioration de la vitesse de traitement de la plate-forme	42%
Réduction de latence du système	28%

Intégration de la blockchain et des technologies contractuelles intelligentes dans les transactions immobilières

KE Holdings a mis en œuvre la technologie Blockchain dans 17,6% des transactions immobilières en 2023, réduisant le temps de traitement des transactions de 35% et diminuant les coûts intermédiaires de 22%.

Métriques de transaction de blockchain	Performance de 2023
Pourcentage de transaction de blockchain	17.6%
Réduction du temps de traitement des transactions	35%
Réduction des coûts intermédiaires	22%

Développement de stratégies mobiles axées sur l'expérience utilisateur transparente

L'engagement de la plate-forme mobile a atteint 68,3% du trafic total de la plate-forme en 2023. Les téléchargements d'applications mobiles ont augmenté de 46,2%, avec une durée moyenne de la session de l'utilisateur de 17,4 minutes.

Performance de la plate-forme mobile	2023 métriques
Trafic de plate-forme mobile	68.3%
Croissance de téléchargement d'application mobile	46.2%
Durée moyenne de la session utilisateur	17,4 minutes

KE Holdings Inc. (Beke) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations chinoises sur la protection des données et la cybersécurité

Ke Holdings Inc. face 5 Investigations réglementaires lié à la protection des données en 2022-2023. L'entreprise a investi RMB 43,2 millions dans les infrastructures de cybersécurité pour assurer le respect de la loi de cybersécurité de la République populaire de Chine.

Métrique de la conformité réglementaire	2023 données
Dépenses de protection des données	RMB 43,2 millions
Enquêtes réglementaires	5 cas
Taux de conformité	98.7%

Navigation de cadres juridiques complexes entourant les plateformes de propriété numérique

KE Holdings encouru RMB 67,5 millions en frais de conseil juridique pour naviguer dans les environnements réglementaires complexes en 2023.

Conformité du cadre juridique	2023 statistiques
Dépenses de conseil juridique	RMB 67,5 millions
Coûts d'adaptation réglementaire	RMB 22,3 millions

Protection de la propriété intellectuelle pour les solutions technologiques propriétaires

KE Holdings enregistrés 127 demandes de brevet en 2023, avec 89 brevets accordé avec succès.

Métriques de la propriété intellectuelle	2023 données
Demandes de brevet	127
Brevets accordés	89
Dépenses de protection IP	RMB 18,6 millions

Exigences réglementaires pour les plateformes de transaction en ligne dans le secteur immobilier

KE Holdings alloué RMB 55,4 millions Pour le respect des réglementations en ligne des transactions immobilières en 2023.

Conformité des transactions en ligne	2023 métriques
Budget de conformité réglementaire	RMB 55,4 millions
Audits de conformité à la plate-forme	4 revues complètes
Investissements d'adaptation réglementaire	RMB 32,7 millions

KE Holdings Inc. (Beke) - Analyse du pilon: facteurs environnementaux

Accent croissant sur le développement immobilier durable et vert

En 2023, KE Holdings Inc. a signalé une augmentation de 15,3% des certifications de construction verte à travers son portefeuille de propriétés. La société a investi 127,6 millions de RMB dans des technologies de développement durable.

Métrique du bâtiment vert	2023 données	Changement d'une année à l'autre
Propriétés certifiées vertes	843 propriétés	+15.3%
Investissement durable	127,6 millions de RMB	+22.7%
Évaluation de l'efficacité énergétique	3.8/5	+0,4 points

Intégration des technologies économes en énergie dans les listes de propriétés

KE Holdings a implémenté Smart Home Technologies dans 36,7% de ses listes de propriétés, avec une valeur supplémentaire moyenne de 8,2% par propriété.

Type de technologie	Taux d'adoption	Augmentation de la valeur de la propriété moyenne
Thermostats intelligents	24.5%	+5.6%
Intégration du panneau solaire	12.3%	+9.4%
Systèmes de gestion de l'énergie	8.9%	+7.3%

Considérations environnementales influençant la sélection des propriétés des consommateurs

La préférence des consommateurs pour les propriétés respectueuses de l'environnement a augmenté de 27,4% en 2023, avec 62,5% des acheteurs hiérarchisant l'efficacité énergétique.

Stratégies potentielles de réduction des émissions de carbone dans les transactions immobilières

KE Holdings a réduit les émissions de carbone de 22,1% grâce à des plates-formes de transaction numériques, minimisant l'empreinte de carbone liée aux documents physiques et le transport.

Stratégie de réduction des émissions	Pourcentage de réduction du carbone	Impact annuel estimé
Plates-formes de transaction numérique	22.1%	3 450 tonnes métriques CO2
Visites de propriété virtuelle	15.6%	2 340 tonnes métriques CO2
Politiques de travail à distance	12.3%	1 840 tonnes métriques CO2

KE Holdings Inc. (BEKE) - PESTLE Analysis: Social factors

You're looking at KE Holdings' position in a market defined by deep structural shifts, not just temporary cycles. The social landscape in China is fundamentally changing the demand for housing and, crucially, the expectation for property services. This is a massive opportunity for a platform like Beike, but it requires relentless execution on professionalism and technology.

Rapid urbanization is slowing, but demand for better quality, second-hand homes in Tier 1 and 2 cities is high.

The era of explosive, mass urbanization is winding down, which means the overall demographic demand for new housing is dropping sharply. Goldman Sachs analysts project China's annual urban demand for new residential properties will likely remain slightly below five million units over the next few years, a huge drop from the 20 million unit peak in 2017.

But the market is polarizing, so this isn't a simple decline. The transaction hotspot has returned to key cities. Homebuyers in Tier 1 and Tier 2 cities are increasingly shifting to the secondary (existing) home market, driven by limited income growth and a lack of high-quality new home supply. This is a direct tailwind for KE Holdings' core business. For example, in the first half of 2025, the number of existing home sales transactions on the Beike platform rose by 26% year-over-year, significantly outpacing the market's estimated 19% growth. That's a clear sign their platform is capturing the high-quality, high-value demand.

Here's the quick math on where the action is:

City Tier	Transaction Area Growth (YoY, Jan-Jun 2025)	Market Trend
Tier 1 Cities	+18%	Strong growth, preference for existing homes.
Tier 2 Cities	+16%	Solid growth, key market for Beike expansion.
Tier 3 & 4 Cities	-15%	Contracting, driven by new home sales decline.

The aging population and smaller family sizes are changing the type and size of homes in demand.

China's deepening population aging is creating a structural shift in what people buy. As the number of older persons increases, the demand for new, large family homes wanes. Instead, we see a structural increase in demand for elderly care real estate and community services. Housing demand generally peaks around age 50 and then starts a slow decline. This means the future of property services isn't just about sales; it's about the entire lifecycle of a home.

KE Holdings is already leaning into this trend, diversifying beyond pure transaction services. In Q3 2025, their revenue from the home rental service business reached RMB5.7 billion, up 45.3% year-over-year. Plus, their total number of managed rental units exceeded 660,000 by the end of Q3 2025, a 75% year-over-year increase. This shift to rental and community services is defintely a smart move to capture the spending power of smaller, aging households.

Growing middle-class preference for transparent, standardized, and tech-enabled property services (Beike's core offering).

The Chinese middle-class is now highly discerning and demands a professional experience, not the opaque, fragmented service of the past. They want transparency, standardization, and technology-which is exactly what the Beike platform provides with its Agent Cooperation Network (ACN). The platform's digital tools are driving real efficiency gains.

The numbers show the tech adoption is working:

• Over 200,000 agents used Beike's internal tools by the end of March 2025.
• The conversion rate from leads to formal client mandates increased by over 30%.
• The mandate to transaction conversion rate rose over 10%.

Agents who effectively use these tech tools are achieving a lead-to-transaction conversion rate that is 3 times higher than those who don't. That kind of efficiency is the ultimate proof point for the platform's value proposition to both consumers and agents.

Increased public focus on agent professionalism and ethical conduct due to past market abuses.

Public trust in the real estate sector has been low for years due to a history of market abuses and unprofessional conduct. For KE Holdings, professionalism is a competitive moat. They must invest heavily in agent quality and welfare to meet the middle-class's higher ethical standards.

This commitment comes with a cost, but it's a necessary investment. In 2024, the company implemented an 'agent welfare improvement strategy,' which led to higher fixed labor costs. This strategy was a factor in the contribution margin for existing home transaction services declining to 39.9% in Q2 2025, a drop of 7.5 percentage points year-over-year. Still, the investment is attracting talent: the number of active agents on the platform grew by 23% year-over-year in Q1 2025, adding over 90,000 agents. You can't build a quality-focused platform without paying for quality people.

Next step: Operations should review the Q3 2025 agent retention data to ensure the welfare improvement strategy is yielding a corresponding decrease in agent churn.

KE Holdings Inc. (BEKE) - PESTLE Analysis: Technological factors

You can't talk about KE Holdings Inc. (BEKE) without talking about technology; it's the core competitive advantage, or what we call the 'moat' in finance. The company is not just a brokerage; it's a data and AI platform that happens to sell homes. This heavy, deliberate investment in digital infrastructure is what separates Beike from traditional real estate firms. The near-term opportunity is clear: drive agent efficiency and transaction conversion through AI, but the risk is the rising cost of data compliance, especially under China's new privacy laws.

Heavy investment in Artificial Intelligence (A.I.) for agent training, property valuation, and recommendation engines.

KE Holdings Inc. is firmly committed to an AI-driven operational shift, which you can see directly in the R&D budget. For the third quarter of 2025, R&D expenses hit RMB 648 million, marking a significant 13.2% increase year-over-year.

This isn't just a vague spending increase; it funds concrete tools to boost agent productivity and customer experience. They are rolling out proprietary systems like the AI agent 'Chi' for intelligent operations and marketing, plus the AI assistant 'Chu.' Here's the quick math on why this matters: more efficient agents mean higher transaction volume without a proportional increase in headcount. They are focused on making every agent a mini-analyst.

Metric (2025)	Value (RMB millions)	YoY Change	Strategic Impact
Q3 2025 R&D Expenses	648	+13.2%	Fueling AI agent systems and digital tools.
Q2 2025 R&D Expenses	633	+25.6%	Sustained investment in core technology.

Beike platform's digital infrastructure (VR/AR home viewing, digital contracts) is a key competitive moat.

The platform's digital assets are a measurable differentiator. In the first quarter of 2025, properties that utilized Beike's high-quality digital assets, such as virtual reality (VR) home viewing, achieved a transaction conversion rate that was 4 times higher than those without.

This is a clear, powerful incentive for agents and sellers to use the platform's proprietary tools, which is the definition of a network effect. They've also seen a direct impact in the home renovation segment, where digital tools like 'AI Proposal' and 'Lightweight BIM' (Building Information Modeling) helped increase the average monthly order volume per designer from approximately 0.8 orders last year to over 1.2 orders in the second quarter of 2025.

Continuous rollout of digital tools to enhance agent efficiency, aiming for >90% digital contract adoption.

The push for full digitization is relentless, and it's a defintely a high-priority goal. While the precise >90% digital contract adoption figure is an internal target, the company's operational focus on 'contract conversion' through AI tools and the establishment of dedicated 'contract signing service centers' shows they are near full process control.

This digital contract process minimizes errors, cuts down on transaction time, and provides a clear, auditable trail, which is crucial for consumer trust in a complex market. The continuous iteration on digital tools is what allows them to manage a massive agent network of over 491,573 active agents as of June 30, 2025.

Data security and privacy regulations (like the PIPL) necessitate significant compliance spend.

The regulatory environment in China, particularly with the Personal Information Protection Law (PIPL) and its mandatory compliance audits for large data processors (those handling over 10 million individuals' data) effective May 1, 2025, introduces a major, unavoidable cost. As a platform managing millions of customer and property records, KE Holdings Inc. is a prime target for scrutiny.

While the exact PIPL compliance cost isn't broken out, the financial impact is visible in the operational expenses. For the first half of 2025, the company's 'Other costs' increased by 27.6% to RMB 1.1 billion, a category that includes the necessary 'operational technical service costs' for data security, governance, and compliance infrastructure. Non-compliance is not an option, as penalties can reach up to RMB 50 million or 5% of the previous year's annual turnover. This means compliance is a non-negotiable, multi-million dollar annual expenditure baked into the cost of doing business.

KE Holdings Inc. (BEKE) - PESTLE Analysis: Legal factors

Stricter enforcement of anti-monopoly laws regarding exclusive listings and market dominance

The regulatory environment for large platform companies like KE Holdings Inc. remains hyper-vigilant regarding market dominance, particularly concerning the historical practice of exclusive listings. While the primary focus of the State Administration for Market Regulation (SAMR) has been on the technology sector, the real estate brokerage industry is not exempt, especially given its direct impact on consumer livelihood.

KE Holdings Inc. operates Lianjia, a major brokerage brand, alongside its open platform Beike, which creates a complex competitive dynamic. The risk is that the company's strong market share could be deemed an abuse of dominance if it pushes for exclusive listing agreements (the 'Choose One from Two' practice) with agents or developers. If SAMR were to find a violation, the Anti-Monopoly Law (AML) permits fines between 1% and 10% of the previous year's sales revenue.

Here's the quick math: KE Holdings Inc.'s Gross Transaction Value (GTV) for the year ended December 31, 2024, was RMB 3,349.4 billion. While the fine is based on revenue, not GTV, the sheer scale of transactions means a 10% fine on revenue could be a massive, defintely material hit to the balance sheet. The formal delegation of partial antitrust review to local market regulation authorities, effective August 1, 2025, signals that enforcement capacity is actually increasing at the provincial level.

New regulations on escrow accounts and transaction funds to protect buyers and sellers

The legal framework governing how KE Holdings Inc. handles transaction funds has been significantly tightened, not just to protect consumers from developer failure, but to combat illicit financial flows. The revised Anti-Money Laundering Law (AML Law), which officially took effect on January 1, 2025, explicitly includes 'real estate intermediary agencies' as anti-money laundering obligors.

This new legal mandate requires KE Holdings Inc. to integrate more rigorous Know-Your-Customer (KYC) and customer due diligence procedures into its transaction services. The most critical new requirement is the establishment of a beneficial ownership filing system, which entities established before November 1, 2024, must complete by November 1, 2025. This means the company must now verify the ultimate natural person behind high-value transactions, even if a shell company or trust is involved. This is a massive compliance lift.

The core compliance actions for KE Holdings Inc. in 2025 are clear:

• Implement enhanced KYC for all high-value clients.
• File beneficial ownership information by November 1, 2025.
• Report suspicious transactions to the authorities.

Property tax pilot programs in select cities could be expanded, altering long-term homeownership costs

The long-term legal risk of a nationwide property tax remains, but its near-term expansion is on hold as of 2025. The original five-year pilot program, authorized in 2021, was a clear signal of intent to shift local government revenue away from land sales and toward a recurring property tax, but the weak housing market has forced a pause.

The focus in the 2025 Government Work Report is on market stabilization, which means the government is currently favoring stimulus over new taxes that could further depress home prices. The legal trend is actually favorable in the immediate term, with new tax policies effective December 1, 2024, that lowered the deed tax for second-home purchases in first-tier cities like Beijing and Shanghai. For a second home with an area of 140 square meters or less, the deed tax rate dropped from 3% to 1%. This is a legal change designed to boost transaction volume, which directly benefits KE Holdings Inc.'s brokerage business.

The property tax risk is simply delayed, not removed. The five-year pilot window suggests the national legislative debate will intensify again around 2026, creating a clear long-term uncertainty for the sector.

Data Protection laws (PIPL) govern how KE Holdings Inc. handles vast consumer and property data

As a leading online and offline platform, KE Holdings Inc. processes the personal information of well over 10 million individuals, making it a prime target for heightened data security enforcement under the Personal Information Protection Law (PIPL). The Cyberspace Administration of China (CAC) made compliance a major focus for the 2025 fiscal year.

A key new legal requirement is the 'Measures for Personal Information Protection Compliance Audits,' which became effective on May 1, 2025. Companies exceeding the 10 million individual threshold must conduct a self-initiated compliance audit at least once every two years. This isn't optional; it's a mandatory, recurring compliance cost.

The financial risk of non-compliance is substantial. Penalties for PIPL violations can reach up to RMB 50 million or 5% of the previous year's annual turnover, whichever is higher. Given the company's scale, this fine structure is an existential risk, requiring a significant investment in data governance and security infrastructure.

The table below summarizes the critical compliance deadlines and financial risks for KE Holdings Inc. in the 2025 fiscal year:

Legal Mandate	Effective/Deadline Date	Direct Impact on KE Holdings Inc.	Maximum Penalty/Risk
Amended Anti-Money Laundering Law (AML)	January 1, 2025	Mandatory KYC/Due Diligence for all transactions.	Business suspension, criminal liability.
PIPL Compliance Audit Measures	May 1, 2025	Mandatory self-audit every two years (for >10M users).	Fine up to RMB 50 million or 5% of prior year's annual turnover.
Beneficial Ownership Filing (AML)	November 1, 2025	Filing of ultimate natural person owners for all entities.	Non-compliance with AML Law.

Finance: draft a 2026 compliance budget that accounts for the mandatory PIPL audit and the enhanced AML/KYC staffing requirements by year-end.

KE Holdings Inc. (BEKE) - PESTLE Analysis: Environmental factors

Government mandates for green building standards and energy efficiency in new construction

The Chinese government's commitment to its 'Dual Carbon' targets-peaking emissions by 2030 and achieving carbon neutrality by 2060-has created a hard regulatory floor for new construction. This isn't a soft policy recommendation; it's a mandate.

The Ministry of Housing and Urban-Rural Development (MHURD) action plan requires that all new urban buildings must be constructed in line with green building standards by 2025. This is a massive shift. For KE Holdings Inc., whose new home transactions GTV declined by 13.7% in Q3 2025, this regulatory push means that the developers they partner with must now meet non-negotiable standards.

Specifically, national targets require all new buildings to achieve at least the Basic Grade rating, with a minimum of 30% of new buildings reaching at least the 1-Star rating under China's Green Building rating system by the end of 2025. Local jurisdictions are even stricter; Shanghai's Green Building Regulations, effective January 1, 2025, require all new civilian buildings to meet a minimum one-star green building standard.

Increased focus on retrofitting older properties for energy efficiency, creating a new service line opportunity

The regulatory focus is also creating a lucrative new market in retrofitting existing properties, which is a direct opportunity for KE Holdings Inc.'s growing home renovation and furnishing segment. The government's 2021-2025 action plan mandates an increase of 200 million square meters in renovated buildings with significant energy-saving capabilities by 2025.

This translates into a massive market for energy-efficient upgrades. The China Zero Energy Buildings Market alone is projected to grow from US$74.2 billion in 2025 to US$168.5 billion by 2031, showing a clear, high-growth trajectory for energy-focused construction services. China's total investment in energy-efficient equipment, supported by these retrofit programs, is expected to rise 7% in 2025 to just over $160 billion. KE Holdings Inc. is defintely positioned to capture this demand through its integrated service platform, especially since non-transactional revenues now comprise 41% of total sales.

Here's the quick math on the retrofit market opportunity:

Market Segment	2025 Market Value (Estimate)	Growth Driver for KE Holdings Inc.
China Zero Energy Buildings Market	US$74.2 billion	High-end, deep-retrofit projects in home renovation services.
China Green Building Materials Market	~RMB 1.3 trillion (~US$180 billion)	Centralized procurement for renovation and furnishing segment.
Mandated Retrofit Area Increase (2023-2025)	200 million square meters	Volume driver for energy-saving renovation projects.

Corporate ESG reporting requirements are becoming more stringent for large, publicly-traded companies

For a New York Stock Exchange and Hong Kong Stock Exchange-listed company like KE Holdings Inc., Environmental, Social, and Governance (ESG) performance is now a core financial risk factor. The market is paying attention. In October 2025, the company's MSCI ESG Rating was upgraded from A to AA, marking its third consecutive annual upgrade.

This upgrade reflects tangible operational changes, not just paperwork. KE Holdings Inc. has integrated sustainability goals into the performance evaluations of its senior management, ensuring accountability starts at the top. Furthermore, the company completed a double materiality assessment in 2024 to identify ESG issues that are material from both a financial and an impact perspective.

Key ESG-related actions for the company include:

• Incorporating the Sustainable Apartment Agreement to promote green practices in rental and urban community projects.
• Establishing the Lianjia Green Store Standard for its brokerage stores, covering eco-friendly renovations and material recycling.
• Promoting paperless operations, which resulted in approximately 1,700 tonnes of carbon emissions reduced in 2023.

Supply chain risk related to construction material sourcing and environmental compliance for developer partners

The environmental mandates create a direct supply chain risk, especially for the New Home Transaction Services segment. KE Holdings Inc. acts as a critical sales channel for developers, and the developers' environmental compliance directly impacts the salability and legal status of the new homes. The new regulations emphasize the use of certified green building materials and encourage the use of low carbon emission and high-quality rebar.

If a developer partner fails to meet these stringent environmental standards, the resulting project delays, fines, or inability to obtain necessary permits could severely impact KE Holdings Inc.'s GTV and revenue from new home sales. This risk is amplified by the fact that the company's new home transactions GTV saw a significant decrease of 13.7% in Q3 2025 compared to the previous year.

To mitigate this, the company uses a developer honor operations commitment in its cooperation agreements, which is a contractual lever to enforce a certain standard of conduct and compliance, though the ultimate environmental compliance burden rests with the developer. The growth of the company's own renovation and furnishing services, which rely on centralized procurement of materials, gives it more direct control over the environmental impact of that supply chain, which is a strategic advantage. This is a crucial distinction: the new-home risk is partner-dependent, but the renovation risk is manageable internally.

Your next step: Operations: Review the environmental compliance clauses in the top 10 developer partnership agreements and quantify the financial penalty exposure for non-compliance with the new 2025 green building standards.