KE Holdings scales back businesses as China’s housing market cools

Oct 13, 2021 8:15 am

KE Holdings, or Beike, a Chinese online real estate brokerage backed by Tencent and Softbank, has reportedly laid off an entire research and development team in Shanghai.


The company attributed the layoff to “drastic changes in the industry.” China’s housing market is cooling down in recent months, partly due to increased curb on lending. The US-listed firm said it will comply with labor laws and make proper arrangements for affected employees.

HoloBase

Invite your friends, colleagues and business partners to

join us to get news, analysis and database of Chinese market.

Invite Now FOR FREE >