KE Holdings (BEKE) Share Buyback Analysis Amid China's Property Market Struggles

On November 18, 2025 (UTC+8), Benzinga reported that KE Holdings Inc. (NYSE: BEKE), China’s largest real estate brokerage, has spent

on share repurchases over the past three years (since August 2022) amid a struggling domestic property market [1]. This was confirmed by the company’s Q3 2025 financial results, which showed a and total cash reserves of as of September 30, 2025 [2]. The buyback program comes as BEKE faces declining profitability: Q3 net income fell to RMB 747 million, while adjusted net income dropped [2]. Yahoo Finance noted the buyback completion coincided with mixed Q3 results, including flat gross transaction value (GTV) and a 13.7% YoY decline in new home GTV [3].

• BEKE Stock Performance
  : As of November 18, 2025 (UTC), BEKE’s share price was
  $16.50
  , down
  1.05%
  in regular trading hours [0]. The 7-day price range (Nov 10–18) was $15.71–$16.58, with average daily volume of ~5.4 million shares [0].
• Sector Context
  : The U.S. Real Estate sector declined
  0.24%
  on the same day, underperforming the broader market (Communication Services was the only positive sector at +0.14%) [0].

• Long-Term Trend
  : BEKE’s stock has underperformed over key periods:
  -9.72% (1 month)
  ,
  -19.73% (1 year)
  , and
  -73.03% (5 years)
  [0].
• Sentiment
  : Despite the buyback, analyst consensus remains “Buy” (91.7% of analysts rate it Buy), with a consensus price target of
  $20.50
  (+24.3% upside) [0]. However, the long-term decline suggests investors are skeptical about the buyback’s ability to offset core business weaknesses.

Metric	Value	Source
Total Share Buyback (2022–2025)	$2.3B	[1][2][3]
Q3 2025 Buyback	$281M	[2]
Q3 Net Income YoY Change	-36.1%	[2]
Cash & Short-Term Investments	$55.7B	[2]
Market Cap	$19.54B	[0]
P/E Ratio	33.53x	[0]
ROE	5.58%	[0]

1. Directly Impacted
   : KE Holdings Inc. (NYSE: BEKE).
2. Related Sectors
   : Real Estate Services (sector down 0.24% on Nov18) [0].
3. Supply Chain Links
   : Chinese property developers (upstream) and homebuyers (downstream, indirect).

• Remaining buyback authorization (not mentioned in sources).
• Impact of China’s property market stimulus measures on BEKE’s outlook.
• Clarity on whether rental growth (45.3% YoY in Q3) can offset core brokerage declines [2].

• Positive
  : High cash reserves ($55.7B) suggest short-term buyback sustainability; rental growth shows diversification potential.
• Negative
  : Declining net income indicates core business weakness; buybacks may divert cash from growth initiatives.

1. China’s property market trends (sales volume, price stability).
2. BEKE’s Q4 2025 earnings report for updated guidance.
3. Changes in analyst ratings and buyback activity.
4. Expansion of the rental business.

1. Declining Profitability
   : Q3 net income drop of
   36.1% YoY
   is a strong risk indicator [2].
2. Sector Weakness
   : Real Estate sector underperformance and China’s property market struggles [0].
3. Buyback Sustainability
   : Long-term reliance on buybacks may limit growth investments.