<SEC-DOCUMENT>0001410578-20-000117.txt : 20200910
<SEC-HEADER>0001410578-20-000117.hdr.sgml : 20200910
<ACCEPTANCE-DATETIME>20200710162824
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001410578-20-000117
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200710

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KE Holdings Inc.
		CENTRAL INDEX KEY:			0001809587
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		BUILDING FUDAO
		STREET 2:		NO. 11 KAITUO ROAD
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100085
		BUSINESS PHONE:		861058104689

	MAIL ADDRESS:	
		STREET 1:		BUILDING FUDAO
		STREET 2:		NO. 11 KAITUO ROAD
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100085
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRSLTR
<SEQUENCE>1
<FILENAME>filename1.htm
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SKADDEN, ARPS, SLATE, MEAGHER&nbsp;&amp; FLOM</font></p>
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<p style="margin:0in 0in .0001pt;"><u><font size="1" face="Times New Roman" style="font-size:7.0pt;">PARTNERS</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">CHRISTOPHER W. BETTS</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">GEOFFREY CHAN </font><font size="1" face="Symbol" style="font-size:7.0pt;">*</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">ANDREW L. FOSTER </font><font size="1" face="Symbol" style="font-size:7.0pt;">*</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">CHI T. STEVE KWOK </font><font size="1" face="Symbol" style="font-size:7.0pt;">*</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">EDWARD H.P. LAM </font><font size="1" face="Symbol" style="font-size:7.0pt;">&#168;</font><font size="1" face="Symbol" style="font-size:7.0pt;">*</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">HAIPING LI </font><font size="1" face="Symbol" style="font-size:7.0pt;">*</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">JONATHAN B. STONE </font><font size="1" face="Symbol" style="font-size:7.0pt;">*</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">PALOMA P. WANG</font></p>
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<p style="margin:0in 0in .0001pt;"><u><font size="1" face="Times New Roman" style="font-size:7.0pt;">REGISTERED FOREIGN LAWYER</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Z. JULIE GAO   (CALIFORNIA)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&#19990;&#36948;&#22283;&#38555;&#24459;&#24107;&#20107;&#21209;&#25152;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">42/F, EDINBURGH TOWER, THE LANDMARK</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">15 QUEEN&#146;S ROAD CENTRAL, HONG KONG</font></p>    <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade align="center" style="color:black;"></div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">TEL: (852) 3740-4700</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">FAX: (852) 3740-4727</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">www.skadden.com</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">July 10, 2020</font></p>
<p style="margin:0in 0in .0001pt 3.0in;text-align:justify;text-justify:inter-ideograph;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">AFFILIATE OFFICES</font></p>    <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade align="center" style="color:black;"></div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">BOSTON</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">CHICAGO</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">HOUSTON</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">LOS ANGELES</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">NEW YORK</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">PALO ALTO</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">WASHINGTON, D.C.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">WILMINGTON</font></p>    <div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade align="center" style="color:black;"></div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">BEIJING</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">BRUSSELS</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">FRANKFURT</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">LONDON</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">MOSCOW</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">MUNICH</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">PARIS</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">S&#195;O PAULO</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .1in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Confidential</font></b></p>
<p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.&nbsp;Pam Howell</font></p>
<p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.&nbsp;Erin E. Martin</font></p>
<p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Howard Efron</font></p>
<p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.&nbsp;Shannon Menjivar</font></p>
<p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Office of Real Estate&nbsp;&amp; Construction</font></p>
<p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 F Street, NE</font></p>
<p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C., 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .1in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Re:</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">KE Holdings Inc. (CIK No.&nbsp;0001809587)</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .1in;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Response to the Staff&#146;s   Comments on the Draft Registration Statement on</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .1in;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;F-1 Confidentially   Submitted on June&nbsp;12, 2020</font></u></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Ms.&nbsp;Howell, Ms.&nbsp;Martin, Mr.&nbsp;Efron and Ms.&nbsp;Menjivar:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On behalf of our client, KE Holdings Inc., a foreign private issuer organized under the laws of the Cayman Islands (the &#147;<b>Company</b>&#148;), we submit to the staff (the &#147;<b>Staff</b>&#148;) of the Securities and Exchange Commission (the &#147;<b>Commission</b>&#148;) this letter setting forth the Company&#146;s response to the verbal comment posed by the Staff on June&nbsp;24, 2020 on the Company&#146;s draft registration statement on Form&nbsp;F-1 confidentially submitted on June&nbsp;12, 2020 (the &#147;<b>Draft Registration Statement</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Concurrently with the submission of this letter, the Company is submitting its revised draft registration statement on&nbsp;Form F-1 (the &#147;<b>Revised Draft Registration Statement</b>&#148;) and certain exhibits via EDGAR with the Commission for confidential</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review.&#160; The Company also confirms that it will publicly file the registration statements previously submitted on a confidential basis at least 15 days prior to any road show in connection with the offering. The Company advises the Staff that it expects</font> to file publicly the Registration Statement on or around July&nbsp;24, 2020, and would appreciate receiving the Staff&#146;s feedback on this submission before that in meeting the proposed timetable for the offering.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To facilitate the Staff&#146;s review, we have separately delivered to the Staff today four courtesy copies of the Revised Draft Registration Statement, marked to show changes to the Draft Registration Statement, and two copies of the submitted exhibits.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has responded to the Staff&#146;s verbal comment by revising the Draft Registration Statement to address the comment and providing an explanation.&#160; The dictated comment is presented below in bold and is followed by the Company&#146;s response.&#160; We have included page&nbsp;references in the Revised Draft Registration Statement where the language addressing a particular comment appears. Capitalized terms used but not otherwise defined herein have the meanings set forth in the Revised Draft Registration Statement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Verbal Comment on June&nbsp;24, 2020</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>We re-issue comment #7 of our previous letter dated May&nbsp;21, 2020. Please provide additional disclosure regarding the statement in this section that as of the date of the prospectus, the number of your dispatched workers does not exceed 10% of your total labor force. We note the disclosure that as of December&nbsp;31, 2019 you had 82,282 employees and 76,217 dispatched workers.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In response to the Staff&#146;s comment, the Company has revised the referenced disclosure on pages&nbsp;177 through 178 of the Revised Draft Registration Statement. The Company also supplementally advises the Staff that, in line with its ongoing efforts to refine the Company&#146;s labor force structure, the Company streamlined the methods adopted for calculation of the labor-related operating data disclosed in the previous Draft Registration Statements. The Company has made disclosure on page&nbsp;178 of the Revised Draft Registration Statement to clarify the scope of total labor force, and consistently applied June&nbsp;30, 2020 as the cut-off date for the total number of employees, total number of dispatched workers and total labor force.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">*</font></i>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i>*</i>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i>*</i></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_180625_8684"></a></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you have any questions regarding the Revised Draft Registration Statement, please contact the undersigned by phone at +852 3740 4863 or via e-mail at julie.gao@skadden.com.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Z. Julie Gao</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Z. Julie Gao</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cc:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Hui Zuo, Chairman of the Board of Directors, KE Holdings Inc.</p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Yongdong Peng, Executive Director and Chief Executive Officer, KE Holdings Inc.</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tao Xu, Executive Director and Chief Financial Officer, KE Holdings Inc.</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amanda Zhang, Partner, PricewaterhouseCoopers Zhong Tian LLP</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Li He,&nbsp;Esq., Partner, Davis Polk&nbsp;&amp; Wardwell LLP</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James Lin,&nbsp;Esq., Partner, Davis Polk&nbsp;&amp; Wardwell LLP</font></p>
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