How Does Beike Company Work?

How is Beike reshaping China’s housing market?

In 2025, KE Holdings Inc., known as Beike, processed a Gross Transaction Value over RMB 3.4 trillion and unified Lianjia’s high-touch model with Deyou’s franchise network to build a digital-first Agent Cooperation Network.

Beike connects over 450,000 agents and 45,000 stores to millions of monthly users, pivoting from brokerage to recurring living services and capturing large shares of secondary transactions and the renovation market; see Beike Porter's Five Forces Analysis.

Beike operates an integrated online-offline ecosystem that supports existing home sales, new home sales, rentals and renovation services through a standardized Agent Cooperation Network and a large property database, reducing information asymmetry and increasing transaction efficiency.

Agent Cooperation Network (ACN)

The ACN mandates commission-sharing and assigns roles—listing solicitor, key holder, closer—so agents collaborate rather than compete, cutting fake listings and improving match accuracy.

Housing Dictionary

A centralized database covering over 270 million property records across China provides the transparency and data integrity that underpin Beike's platform and valuation models.

Digital tools and tech stack

VR viewings, AI-driven valuation algorithms, and online contract signing streamline the consumer journey and shorten time-to-close versus traditional agencies.

Omnichannel physical network

Community-based stores act as last-mile hubs for viewing, key handover and after-sales services, enabling Beike to capture the homeowner lifecycle from purchase to renovation.

Beike's combined model raises agent productivity: internal disclosures and industry reports show affiliated agents can deliver transaction volumes and lead-to-close rates materially above national averages, supporting stronger monetization across listing fees, transaction commissions and higher-margin renovation services.

Operational value drivers

Core elements that sustain Beike's competitive edge and diversify revenue streams:

• Standardized agent roles and commission structure that reduce listing fraud and align incentives.
• Comprehensive property dataset (Housing Dictionary) enabling reliable valuations and market analytics.
• Technology integration—VR tours, AI pricing, e-contracts—that shortens transaction cycles.
• Physical store network that converts online leads and supports higher-margin home services.

For further context on market positioning and competitors, see Competitors Landscape of Beike.

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Beike’s revenue model is split across four pillars, shifting toward non-transactional services to boost resilience and customer lifetime value. Existing and new home transactions remain material, while the fastest growth comes from the 'Three Wings' (renovation, furnishing, rentals) plus financial and tech licensing.

Existing Home Transactions

Largest current revenue pillar: commissions on Lianjia-branded sales and platform service fees to franchise stores.

New Home Transactions

High-velocity sales channel for developers; maintained a selective take rate of 2.8%–3.0% with state-owned partners despite sector headwinds.

Home Renovation & Furnishing

'Three Wings' area; revenue grew over 60% YoY in 2025 after integrating Shengdu and Beihoo, exceeding a RMB 15 billion annual run rate.

Rental Services (Carefree Rent)

Generates fees from property management and rental spreads; focuses on scaling recurring revenue and increasing customer stickiness.

Financial Services

Emerging lending, insurance and payment services monetize transaction flows and aftersales, increasing per-customer revenue.

Technology & Licensing

Platform tech, data products and virtual-tour licensing create recurring B2B revenue and diversify away from new-build volatility.

The monetization mix supports Beike business model evolution: core brokerage fees remain important while Beike real estate platform emphasizes Beike services explained like property management, renovation, rentals and fintech to lift lifetime value and stabilize margins; see Growth Strategy of Beike for deeper context.

Revenue Drivers & KPIs

Key metrics track take rates, GMV mix, recurring revenue share and unit economics for agent channels and three-wing services.

• Take rate on new homes: 2.8%–3.0%
• Renovation run rate: >RMB 15 billion (2025)
• Renovation YoY growth: >60% (2025)
• Shift toward non-transactional revenue to reduce dependence on new-build cycles

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Key milestones, strategic moves, and competitive edge trace Beike’s evolution from a listings platform to an integrated living-services provider, driven by the 2023–2024 'One Body, Three Wings' upgrade and targeted acquisitions that expanded service scope and scale.

Strategic Upgrade

The 2023–2024 'One Body, Three Wings' repositioned Beike from brokerage to a living services platform, integrating transactions, home services, and fintech to diversify revenue.

Acquisition-Led Scale

Acquiring Shengdu Home Renovation in 2024 gave Beike immediate scale in interior design, consolidating a fragmented market and boosting cross-sell opportunities for listings and renovation services.

Financial Resilience

After the 2021–2024 property downturn, rigorous cost-cutting and a neutrality stance preserved liquidity, leaving Beike with over RMB 60 billion cash reserves by early 2026.

Technology & Data Moat

Proprietary AI for floor-plan generation, agent matching, and the Housing Dictionary reinforce a cost-to-serve advantage and protect against new entrants via network effects.

Beike’s competitive edge rests on network effects from the ACN, strong brand credibility for authentic listings, and technology integration that links listings, agent services, and home services into a single platform.

Key Strategic Outcomes

Outcomes of milestones and strategic moves that shape Beike’s market position and operating model.

• Network scale: platform listings and agent participation create a flywheel that raises barriers to entry for rivals.
• Revenue diversification: transaction fees, renovation services, property management and fintech reduce reliance on brokerage commissions; see Revenue Streams & Business Model of Beike.
• Operational efficiency: AI-driven matching and automated workflows lower average cost-per-transaction and agent onboarding time.
• Risk mitigation: maintained RMB 60 billion+ liquidity as of early 2026 to withstand sector volatility and fund strategic M&A.

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Beike holds a dominant share in China's digital real estate, facilitating roughly 25% of secondary transactions in tier-1 and tier-2 cities, but faces regulatory and demographic headwinds that could compress transaction volumes and margins.

Industry position

Beike business model leverages an integrated online-to-offline network that converts listings to transactions at a higher rate than pure-play portals. The company operates as a platform, brokerage aggregator, and services provider across new and existing home markets.

Competitive landscape

Competition includes traditional agencies and tech platforms such as Zhuge and Anjuke, but Beike real estate platform benefits from a broad offline agent network and proprietary data to support pricing and listings.

Key risks

Regulatory scrutiny over commission structures and data privacy poses material risk; antitrust investigations could force fee reductions. Population decline and lower-tier city softness threaten long-term transaction volumes.

Strategic priorities

Management targets quality growth, aiming to raise recurring service revenue to 40% of group revenue by 2027 through AI-integrated smart-home offerings and expanded rental management to align with affordable-housing policies.

Beike's role in the Chinese housing market is shifting from new-build facilitation to stewardship of existing-stock wealth, positioning the company as a gatekeeper for household assets as the market matures.

Implications and actionable points

For investors and partners, focus on metrics that signal successful transition to services: recurring revenue mix, rental management AUM, and AI monetization rates.

• Monitor recurring services: aim for 40% of revenue by 2027
• Track regulatory developments on commissions and data rules
• Evaluate rental portfolio growth and government affordable-housing contracts
• Assess technology integration: virtual tours, valuation algorithms, and smart-home deployments

Further context on corporate evolution is available in the company history piece Brief History of Beike.

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