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China's largest online-to-offline real estate brokerage platform, operator of the Lianjia brand.
China's largest online-to-offline real estate brokerage platform, operator of the Lianjia brand.
Takes a commission on home sales and purchases, both from its own Lianjia-branded agents and from other brokerages that use its platform and pay it fees, plus commissions from developers for selling new homes. Renovation and rental services are add-ons. Listed in New York in 2020 and in Hong Kong in 2022.
In one line: China's Zillow/Redfin, combining an agent network with an online listings platform.
Moat: narrow (network effects, data, scale). Largest agent and listings network in China with proprietary property/transaction data (ACN network).
Headquarters: Beijing, China · Founded: 2001 · Employees: 119,245
Size KE Holdings, Inc. Class A (2423.HK) is a Hong Kong Real Estate company (Real Estate Development) with a market value of $21.4B, the 81st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$49.48 on 6 Nov 2026.
Performance Over six months the shares gained 2.7%, against -6.2% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue fell 10.9% over the last twelve months (peer median +5.9%); the operating margin is 5.6% (peer median 24.6%).
Valuation It trades at 16.8× forward earnings against a peer median of 15.6× (10th most expensive of 21).
Next results Next results expected around 16 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$99.1B | HK$103B | HK$101B | HK$85.9B | HK$70.6B |
| Revenue growth | — | +1% | +18% | +22% | — |
| Gross profit | HK$23.8B | HK$21.9B | HK$24.9B | HK$24.0B | HK$16.0B |
| EBITDA | HK$6.66B | HK$3.58B | HK$5.34B | HK$6.95B | HK$951M |
| Net income | HK$5.35B | HK$3.25B | HK$4.41B | HK$6.50B | -HK$1.61B |
| Free cash flow | n/a | -HK$1.07B | HK$9.12B | HK$11.6B | HK$8.92B |
| Capital expenditure | n/a | HK$659M | HK$1.12B | HK$966M | HK$922M |
| Total debt | HK$16.6B | HK$20.9B | HK$24.1B | HK$19.8B | HK$13.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| KE Holdings, Inc. Class A 2423.HK | $21.4B | +3% | -11% | 6% | 16.8× | n/a |
| Zillow Z | $6.66B | -29% | +18% | 2% | 11.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2423.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.1% | +7.9% | 7th highest of 21 |
| 6-month return | +2.7% | -6.2% | 7th highest of 21 |
| Distance from 52-week high | -5.9% | -15.6% | 4th highest of 21 |
| Revenue growth (TTM) | -10.9% | +5.9% | 6th lowest of 21 |
| Operating margin | 5.6% | 24.6% | 3rd lowest of 21 |
| Forward P/E | 16.8× | 15.6× | 10th most expensive of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| KE Holdings, Inc. Class A 2423.HK | Hong Kong | $21.4B | +3% | -11% | 6% | 16.8× | n/a | n/a |
| CK Asset 1113.HK | Hong Kong | $21.9B | -3% | +48% | 15% | 12.8× | n/a | n/a |
| DLF DLF.NS | India | $19.7B | +22% | -29% | 13% | 38.3× | n/a | n/a |
| Swire Properties 1972.HK | Hong Kong | $19.4B | +4% | +6% | 49% | 18.3× | n/a | n/a |
| Sumitomo Realty & Development C 8830.T | Japan | $18.8B | -34% | +5% | 29% | 12.8× | n/a | n/a |
| China Overseas 0688.HK | Hong Kong | $18.4B | -13% | +4% | 11% | 10.2× | n/a | n/a |
| Henderson Land 0012.HK | Hong Kong | $18.3B | -12% | +46% | 20% | 17.2× | n/a | n/a |
| Hongkong Land H78.SI | Singapore | $17.7B | -1% | -25% | 23% | 20.9× | n/a | n/a |
| Jones Lang LaSalle JLL | United States | $16.9B | +12% | +11% | 5% | 13.4× | n/a | n/a |
| Mitsui Fudosan 8801.T | Japan | $27.4B | -5% | -10% | 14% | 14.9× | n/a | n/a |
| Vonovia VNA.DE | Germany | $16.1B | -24% | -17% | 40% | 9.4× | n/a | n/a |
| China Res Land 1109.HK | Hong Kong | $29.1B | -7% | -12% | 16% | 8.9× | n/a | n/a |
| Mitsubishi Estate 8802.T | Japan | $29.5B | -12% | +17% | 21% | 19.2× | n/a | n/a |
| Swiss Prime Site SPSN.SW | Switzerland | $13.0B | +1% | -12% | 76% | 31.7× | n/a | n/a |
| Sino Land 0083.HK | Hong Kong | $12.8B | -20% | +15% | 34% | 20.4× | n/a | n/a |
| Wharf Reic 1997.HK | Hong Kong | $12.6B | +24% | -1% | 73% | 14.8× | n/a | n/a |
| Lodha Developers LODHA.NS | India | $12.5B | +22% | +21% | 31% | 27.0× | n/a | n/a |
| China Res Mixc 1209.HK | Hong Kong | $12.1B | -14% | +10% | 28% | 18.4× | n/a | n/a |
| CBRE CBRE | United States | $39.1B | -7% | +14% | 3% | 16.3× | n/a | n/a |
| Klepierre LI.PA | France | $11.6B | +8% | +3% | 63% | 13.1× | n/a | n/a |
| Shk Ppt 0016.HK | Hong Kong | $43.5B | -18% | +17% | 26% | 14.1× | n/a | n/a |