<SEC-DOCUMENT>0001104659-22-024585.txt : 20220823
<SEC-HEADER>0001104659-22-024585.hdr.sgml : 20220823
<ACCEPTANCE-DATETIME>20220217113330
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-22-024585
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220217

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:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ORIENTAL ELECTRONIC TECHNOLOGY BUILDING
		STREET 2:		NO. 2 CHUANGYE ROAD, HAIDIAN DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100086
		BUSINESS PHONE:		861058104689

	MAIL ADDRESS:	
		STREET 1:		ORIENTAL ELECTRONIC TECHNOLOGY BUILDING
		STREET 2:		NO. 2 CHUANGYE ROAD, HAIDIAN DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100086
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: right"><B>KE Holdings Inc. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: right">Oriental Electronic Technology Building</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: right">No. 2 Chuangye Road, Haidian District</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: right">Beijing 1000086</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: right">People&rsquo;s Republic of China</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 17, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VIA EDGAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Babette Cooper</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Wilson Lee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Real Estate &amp; Construction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.65pt"></TD><TD STYLE="width: 33.75pt"><B>Re:</B></TD><TD><B>KE Holdings Inc. (the &ldquo;Company&rdquo;)</B></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD><B>Form 20-F for the Fiscal Year Ended
December 31, 2020</B></TD></TR>
                                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD><B>Filed April 6, 2021</B></TD></TR>
                                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid"><B>File No. 001-39436</B></TD></TR>
                                                                                                                                           </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.4pt; text-indent: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms. Cooper and Mr. Lee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This letter sets forth the
Company&rsquo;s responses to the comments contained in the letter dated December 17, 2021 from the staff (the &ldquo;<B>Staff</B>&rdquo;)
of the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) regarding the Company&rsquo;s Form 20-F for the fiscal
year ended December 31, 2020 filed with the Commission on April 6, 2021 (the &ldquo;<B>2020 Form 20-F</B>&rdquo;). The Staff&rsquo;s comments
are repeated below in bold and are followed by the Company&rsquo;s responses thereto. All capitalized terms used but not defined in this
letter shall have the meaning ascribed to such terms in the 2020 Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>FORM 20-F FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Item 3. Key Information, page 4</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>We have considered your response to comment 1. Similar to your proposed disclosures to be included
in Item 3, clearly disclose at the outset of Part I, that you control and receive economic benefits of KE Holding's business operations
through VIE agreements and that those agreements are designed to provide your WFOE with the power, rights, and obligations equivalent
in all material respects to those it would possess as the principal equity holder of the VIE and that you are the primary beneficiary
of the VIE. Your disclosures should also highlight that you or your investors do not have an equity ownership in, direct foreign investment
in, or control through such ownership/investment </B><B>of
the VIE. As such, when describing the design of the VIE agreements and related outcome, refrain from implying that the VIE agreement is
equivalent to an equity ownership in the business of the VIE. Any references to control or benefits that accrue to you because of the
VIE should be limited to and clearly describe the conditions you met for consolidation of the VIE under U.S. GAAP and your disclosure
should clarify that, for accounting purposes, you will be the primary beneficiary. In addition, your disclosure should note, if true,
that the agreements have not been tested in a court of law.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">KE Holdings Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
</FONT>17, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
</FONT>2</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company respectfully proposes to include the following disclosure at the outset of Part I in its future Form 20-F filings, subject
to updates and adjustments to be made in connection with any material development of the subject matter being disclosed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B><I>Our Holding Company Structure
and VIE Contractual Arrangements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">KE Holdings Inc.
is a holding company with no material operations of its own and no equity ownership in the VIEs. We conduct our operations primarily through
our PRC subsidiaries and the VIEs. Our value-added telecommunication services and certain financial services in the PRC have been conducted
through the applicable VIEs in order to comply with the PRC laws and regulations, which restrict and impose conditions on foreign direct
investment in companies involved in the provision of value-added telecommunication services and certain financial service. Accordingly,
we operate these businesses in China through the applicable VIEs, and rely on contractual arrangements among our PRC subsidiaries, the
VIEs and their shareholders to control the business operations of the VIEs. Revenues contributed by the VIEs, excluding inter-group transactions,
accounted for 11.6%, 1.4% and % of our total net revenues for the fiscal years 2019, 2020 and 2021, respectively. Investors in our ADSs
are not purchasing equity interest in the VIEs in China but instead are purchasing equity interest in a holding company incorporated in
the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">A series of contractual
agreements, including power of attorney, exclusive business cooperation agreements, equity pledge agreements, exclusive option agreements
and spouse consent letters, have been entered into by and among our WFOEs, the VIEs and their respective shareholders. Terms contained
in each set of contractual arrangements with the VIEs and their respective shareholders are substantially similar. As a result, KE Holdings
Inc. controls, and receives economic benefits from, the VIEs through the VIE contractual arrangements, and these arrangements are designed
to provide our respective WFOEs with the power, rights and obligations equivalent in all material respects to those they would process
as the principal equity holder of the respective VIEs. KE Holdings Inc. is also considered the primary beneficiary of the VIEs for accounting
purposes, and we have consolidated the financial results of the VIEs and their subsidiaries in our consolidated financial statements in
accordance with U.S. GAAP. However, neither KE Holdings Inc. nor its investors has an equity ownership in, direct foreign investment in,
or control through such ownership or investment of, the VIEs, and the VIE contractual arrangements are not equivalent to an equity ownership
in the business of the VIEs. As of the date of this annual report, our VIE contractual arrangements have not been tested in a court of
law.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">KE Holdings Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
</FONT>17, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
</FONT>3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>We have considered your response to comment 2. Please revise further to include indication that rules
and regulations in China can change quickly with little advance notice and highlight the risk that the Chinese government may intervene
or influence your operations at any time.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company respectfully proposes to revise further the proposed disclosure in the response to prior comment 2 as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;Risks and
uncertainties arising from the legal system in China, including risks and uncertainties regarding that the rules and regulations in China
can change quickly with little advance notice and that the Chinese government may intervene or influence our operations at any time, could
result in a material adverse change in our operations and the value of our ADSs. For more details, see &ldquo;Item 3. Key Information&mdash;D.
Risk Factors&mdash;Risks Related to Doing Business in China&mdash;Uncertainties with respect to the PRC legal system could materially
and adversely affect us.&rdquo;&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>We have considered your response to comment 3. Please further expand your disclosures to affirmatively
address whether you are required to and have obtained the necessary permissions from the CSRC, CAC or any other entity that is required
to approve of the VIE&rsquo;s operations and address the consequences to you and your investors if you inadvertently conclude that approvals
are not required, or applicable laws, regulations, or interpretations change and you are required to obtain approval in the future.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company respectfully proposes to further include the following disclosure in addition to the response to prior comment 3, subject
to updates and adjustments to be made in connection with any material development of the subject matter being disclosed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;As of the
date of this annual report, except for the licenses and approvals mentioned in this annual report, we, our PRC subsidiaries and the VIEs
are not required to obtain any additional approval or permission from the CSRC, CAC or any other entity that is material to the VIEs&rsquo;
operations or required for us to offer securities to foreign investors under any currently effective PRC laws, regulations and regulatory
rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">However, the
PRC government has recently indicated an intent to exert more oversight over offerings that are conducted overseas and/or foreign
investment in China-based issuers like us, and published a series of proposed rules for public comments in this regard, the enaction
timetable, final content, interpretation and implementation of which remains uncertain. Therefore, there are substantial
uncertainties as to how PRC governmental authorities will regulate overseas listing in general and whether we are required to
complete filing or obtain any specific regulatory approvals from the CSRC, CAC or any other PRC governmental authorities for our
future offshore offerings. If we had inadvertently concluded that such approvals were not required, or if applicable laws,
regulations or interpretations change in a way that requires us to obtain such approval in the future, we may be unable to obtain
such necessary approvals in a timely manner, or at all, and such approvals may be rescinded even if obtained. Any such circumstance
could subject us to penalties, including fines, suspension of business and revocation of required licenses, significantly limit or
completely hinder our ability to continue to offer securities to investors and cause the value of such securities to significantly
decline or be worthless. See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Related to Doing Business in
China&mdash;The PRC government&rsquo;s oversight and discretion over our business operations could result in a material adverse
change in our operations and the value of our ADSs.&rdquo;&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">KE Holdings Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
</FONT>17, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
</FONT>4</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>We have considered your response to comment 4. Please include similar disclosure at the outset of Part
I. In that regard, provide a description of how cash is transferred through your organization and disclosure regarding your intentions
to distribute earnings or settle amounts owed under the VIE agreements. State whether any transfers, dividends, or distributions have
been made to date.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company respectfully proposes to include the following disclosure at the outset of Part I in its future Form 20-F filings, subject
to updates and adjustments to be made in connection with any material development of the subject matter being disclosed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;KE Holdings
Inc., our Cayman Islands holding company, or the Parent, transfers cash to our wholly-owned Hong Kong subsidiaries (through intermediate
holding companies in the British Virgin Islands), by making capital contributions or providing loans, and our Hong Kong subsidiaries transfer
cash to our PRC subsidiaries by making capital contributions or providing loans to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Because the Parent
and its subsidiaries control the VIEs through contractual arrangements, they are not able to make direct capital contribution to the VIEs
and its subsidiaries. However, they may transfer cash to the VIEs by loans or by making payment to the VIEs for inter-group transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">As of December 31,
2021, the Parent had made cumulative capital contribution of RMB million and provided cumulative loans of RMB million to our PRC subsidiaries
through intermediate holding companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The VIEs may
transfer cash to the relevant WFOEs by paying service fees according to the exclusive business cooperation agreements. Pursuant to
these agreements between each of the VIEs and its corresponding WFOEs, each of the VIEs agrees to pay the relevant WFOE for services
related to comprehensive technical support, professional training, consulting services and marketing and promotional services at an
amount based on 100% of the balance of the gross consolidated profits of such VIE after offsetting the accumulated losses for the
preceding financial years and deducting the working capital, expenses, taxes and other statutory contributions required for any
financial year, or the amount determined by the WFOE in accordance with the terms of the agreements. Considering the future
operating and cashflow needs of the VIEs, for the years ended December 31, 2019, 2020 and 2021, no service fees were charged to the
VIEs by the WFOEs, and no payments were made by the VIEs under these agreements. If there is any amount payable to relevant WFOEs
under the VIE agreements, the VIEs will settle the amount accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">KE Holdings Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
</FONT>17, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
</FONT>5</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">For the years ended
December 31, 2019, 2020 and 2021, no dividends or distributions were made to the Parent by our subsidiaries. For the years ended December
31, 2019, 2020 and 2021, no dividends or distributions were made to U.S. investors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company further respectfully advises
the Staff that it will provide the updated information by the time it files its annual report on Form 20-F for the fiscal year ended December
31, 2021 and onwards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>We have considered your response to comment 5. We note that activity of the VIE is reflected in the
line items titled &ldquo;Investment in subsidiaries and VIEs&rdquo; and &ldquo;Share of income (loss) of subsidiaries and VIEs&rdquo;
in the parent&rsquo;s financial statements. Please further expand your disclosures to provide a roll-forward of such line items.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company respectfully proposes to further revise the following disclosure and include it early in Item 3 in its future Form 20-F filings,
subject to updates and adjustments to be made in connection with any material development of the subject matter being disclosed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;Set forth below is the table showing
the movement of investment in subsidiaries and VIEs in the parent&rsquo;s financial statements as of and for the years ended December
31, 2019, 2020 and 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Investment in subsidiaries and VIEs</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">RMB in<BR>
 thousand</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font-size: 10pt; font-weight: bold">January 1, 2019</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">9,587,416</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Share of loss of subsidiaries and VIEs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,588,194</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Share-based compensation costs incurred on behalf of subsidiaries and VIEs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,892,352</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Capital repatriation in connection with the Reorganization</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(9,892,606</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Capital injection to subsidiaries</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15,651,227</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Payments made by subsidiaries on behalf of the Company</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(76,836</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Share of other changes in the capital accounts of subsidiaries and VIEs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">36,509</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Foreign currency translation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">21,009</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold">December 31, 2019</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">16,630,877</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Share of income of subsidiaries and VIEs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,062,889</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Share-based compensation costs incurred on behalf of subsidiaries and VIEs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,252,589</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Capital repatriation in connection with the Reorganization</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,351,587</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Capital injection to subsidiaries</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">38,867,338</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Ordinary shares issued to fund a subsidiary&rsquo;s acquisition</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">605,395</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Share of other changes in the capital accounts of subsidiaries and VIEs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(51,228</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Foreign currency translation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(980,672</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold">December 31, 2020</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">57,035,601</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Share of income (loss) of subsidiaries and VIEs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Share-based compensation costs incurred on behalf of subsidiaries and VIEs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Capital injection to subsidiaries</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Foreign currency translation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold">December 31, 2021</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company further respectfully advises
the Staff that it will provide the updated information by the time it files its annual report on Form 20-F for the fiscal year ended December
31, 2021 and onwards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">KE Holdings Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
</FONT>17, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
</FONT>6</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>We have considered your response to comment 6. Where you describe delisting of securities as a consequence
of the inability of the PCAOB to inspect or fully investigate an auditor, please also state that trading in securities would be prohibited.
Also disclose that in June 2021, the Senate passed the bill known as the Accelerating Holding Foreign Companies Accountable Act, which
would reduce this time period from three years to two years. Please also revise to include a discussion of the amendments adopted by the
SEC to finalize rules related to the Holding Foreign Companies Accountable Act.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company respectfully proposes to further revise and include the following disclosure, with revised or added disclosure in <B>bold</B>,
early in Item 3 in its future Form 20-F filings, subject to updates and adjustments to be made in connection with any material development
of the subject matter being disclosed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Our
ADSs may be delisted or prohibited from being traded over-the-counter under the Holding Foreign Companies Accountable Act. The delisting
or cessation of trading of our ADSs, or the threat of their being delisted or prohibited from being traded, may materially and adversely
affect the value of your investment. Additionally, the inability of the PCAOB to conduct inspections deprives our investors with the benefits
of such inspections. Our auditor is currently not subject to inspections by the PCAOB.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The Holding Foreign
Companies Accountable Act, or the HFCAA, was enacted on December 18, 2020. According to the HFCAA, if the SEC determines that we have
filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive
years beginning in 2021, the SEC must prohibit our shares or ADSs from being traded on a national securities exchange or in the over-the-counter
trading market in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Our auditor, the
independent registered public accounting firm that issues the audit report included elsewhere in this annual report, as an auditor of
companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States
pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. Since our
auditor is located in China, a jurisdiction where the PCAOB has been unable to conduct inspections without the approval of the Chinese
authorities, our auditor is currently not inspected by the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<!-- Field: Split-Segment; Name: a2 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">KE Holdings
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">February 17, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Page 7<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>In May 2021,
the PCAOB issued a proposed rule 6100,&nbsp;<I>Board Determinations Under the Holding Foreign Companies Accountable Act</I>, for public
comment. The proposed rule is related to the PCAOB&rsquo;s responsibilities under the HFCAA, which, according to the PCAOB, would establish
a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the PCAOB is unable to inspect or investigate
completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities
in that jurisdiction. The proposed rule was adopted by the PCAOB on September 22, 2021 and approved by the SEC on November 5, 2021. On
December 2, 2021, the SEC adopted final amendments implementing the disclosure and submission requirements under the HFCAA, pursuant to
which the SEC will identify a &ldquo;Commission-Identified Issuer&rdquo; if an issuer has filed an annual report containing an audit report
issued by a registered public accounting firm that that the PCAOB has determined it is unable to inspect or investigate completely because
of a position taken by an authority in the foreign jurisdiction, and will then impose a trading prohibition on an issuer after it is identified
as a Commission-Identified Issuer for three consecutive years. The earliest time any trading prohibitions would apply is 2024. On December&nbsp;16,
2021, the PCAOB issued a report to notify the SEC its determinations that it is unable to inspect or investigate completely registered
public accounting firms headquartered in Mainland China and Hong Kong, respectively, and identified the registered public accounting firms
in Mainland China and Hong Kong that are subject to such determinations. Our auditor is identified by the PCAOB and is subject to the
determination. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>On June 22, 2021,
the U.S. Senate passed a bill known as the Accelerating Holding Foreign Companies Accountable Act which, if passed by the United States
House of Representatives and signed into law, would reduce the number of consecutive non-inspection years required for triggering the
prohibitions under the HFCAA from three years to two. On February 4, 2022, the U.S. House of Representatives passed a bill which contained,
among other things, an identical provision. If this provision is enacted into law and the number of consecutive non-inspection years required
for triggering the prohibitions under the HFCA Act is reduced from three years to two, then our ADSs could be prohibited from trading
in the United States as early as 2023.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The SEC may propose
additional rules or guidance that could impact us if our auditor is not subject to PCAOB inspection for three consecutive years. For example,
on August 6, 2020, the President&rsquo;s Working Group on Financial Markets, or the PWG, issued the Report on Protecting United States
Investors from Significant Risks from Chinese Companies to the then President of the United States. This report recommended the SEC implement
five recommendations to address companies from jurisdictions that do not provide the PCAOB with sufficient access to fulfil its statutory
mandate. Some of the concepts of these recommendations were implemented with the enactment of the HFCAA. However, some of the recommendations
were more stringent than the HFCAA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">KE Holdings
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">February 17, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Page 8<B>&nbsp;</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">It is unclear
whether and when the SEC will make additional rules to address all recommendations in the PWG Report and when such rules will become
effective and what, if any, of the PWG recommendations will be adopted. The implications of this possible regulation in addition to
the requirements of the HFCAA are uncertain. Such uncertainty could cause the market price of our securities to be materially and
adversely affected, and our securities could be delisted or prohibited from being traded &ldquo;over-the-counter&rdquo; earlier than
would be required by the HFCAA. If our securities are unable to be listed on another securities exchange by then, such a delisting
or prohibition of trading would substantially impair your ability to sell or purchase our ADSs when you wish to do so, and the risk
and uncertainty associated with a potential delisting or prohibition of trading would have a negative impact on the price of our
ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The PCAOB&rsquo;s
inability to conduct inspections in China prevents it from fully evaluating the audits and quality control procedures of our independent
registered public accounting firm. As a result, we and investors in our ordinary shares are deprived of the benefits of such PCAOB inspections.
The inability of the PCAOB to conduct inspections of auditors in China makes it more difficult to evaluate the effectiveness of our independent
registered public accounting firm&rsquo;s audit procedures or quality control procedures as compared to auditors outside of China that
are subject to the PCAOB inspections, which could cause investors and potential investors in our stock to lose confidence in our audit
procedures and reported financial information and the quality of our financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">In May 2013, the
PCAOB announced that it had entered into a Memorandum of Understanding on Enforcement Cooperation with the CSRC and the PRC Ministry of
Finance, which establishes a cooperative framework between the parties for the production and exchange of audit documents relevant to
investigations undertaken by the PCAOB in the PRC or by the CSRC or the PRC Ministry of Finance in the United States. The PCAOB continues
to be in discussions with the CSRC and the PRC Ministry of Finance to permit joint inspections in the PRC of audit firms that are registered
with the PCAOB and audit Chinese companies that trade on U.S. exchanges.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Please disclose at the onset of Item 3 whether you are required to obtain any approvals to offer securities
to foreign investors, whether you have received such approvals and the consequences to you and your investors if you do not receive or
maintain the approvals, inadvertently conclude that such approvals are not required, or applicable laws, regulations, or interpretations
change and you are required to obtain approval in the future.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company respectfully proposes to include the following disclosure at the onset of Item 3 in its future Form 20-F filings, subject
to updates and adjustments to be made in connection with any material development of the subject matter being disclosed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;On
December 24, 2021, the CSRC published the draft Regulations of the State Council on the Administration of Overseas Securities
Offering and Listing by Domestic Companies (Draft for Comments), or the Administrative Provisions, and the draft Administrative
Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) for public comments.
Pursuant to these drafts, PRC domestic companies that directly or indirectly seek to offer or list their securities in an overseas
stock exchange, including a PRC company limited by shares and an offshore company whose main business operations are in China and
intends to offer securities or be listed in an overseas stock exchange based on its onshore equities, assets or similar interests,
are required to file with the CSRC within three business days after submitting their application documents to the regulator in the
place of intended listing or offering. Particularly, domestic companies shall submit the filing with respect to its initial public
offering and listing within three business days after its initial filing of the listing application, and submit the filing with
respect to its follow-on offering within three business days after completion of the follow-on offering. Failure to complete the
filing under the Administrative Provisions may subject the domestic company to a warning or a fine of one to ten million RMB. In
serious circumstances, the domestic company may be ordered to suspend its business or suspend its business pending rectification, or
its permits or businesses licenses may be revoked. As of the date of this annual report, there is no schedule for the adoptions of
such drafts, and it remains unclear whether the versions adopted will have any further material changes. There remain substantial
uncertainties about how these drafts will be enacted, interpreted or implemented and how they will affect our operations and future
overseas offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">KE Holdings
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">February 17, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Page 9<B>&nbsp;</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">As of the date of
this annual report, we, our PRC subsidiaries and the VIEs are not required to obtain any additional approval or permission from the CSRC,
CAC or any other governmental entity that is required for us to offer securities to foreign investors under any currently effective PRC
laws, regulations, and regulatory rules. However, the PRC government has recently indicated an intent to exert more oversight over offerings
that are conducted overseas and/or foreign investment in China-based issuers like us, and published a series of proposed rules for public
comments in this regard, the enaction timetable, final content, interpretation and implementation of which remains uncertain. Therefore,
there are substantial uncertainties as to how PRC governmental authorities will regulate overseas listing in general and whether we are
required to complete filing or obtain any specific regulatory approvals from the CSRC, CAC or any other PRC governmental authorities for
our future offshore offerings. If we had inadvertently concluded that such approvals were not required, or if applicable laws, regulations
or interpretations change in a way that requires us to obtain such approval in the future, we may be unable to obtain such approvals in
a timely manner, or at all, and such approvals may be rescinded even if obtained. Any such circumstance could subject us to penalties,
including fines, suspension of business and revocation of required licenses, significantly limit or completely hinder our ability to continue
to offer securities to investors and cause the value of such securities to significantly decline or be worthless. See &ldquo;Item 3. Key
Information&mdash;D. Risk Factors&mdash;Risks Related to Doing Business in China&mdash;The PRC government&rsquo;s oversight and discretion
over our business operations could result in a material adverse change in our operations and the value of our ADSs.&rdquo;&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">KE Holdings
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">February 17, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Page 10<B>&nbsp;</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Part I, page 4</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD STYLE="text-align: justify"><B>We have considered your response to comment 7. Please further revise to explicitly state that your
structure involves unique risks to investors. In addition, we note your disclosure indicating that the VIE structure
is used to replicate foreign investment in China-based companies. We note, however, that the structure provides contractual exposure to
foreign investment in such companies rather than replicating an investment. Please revise your disclosure accordingly.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company respectfully proposes to further revise and include the following disclosure at the outset of Part I in its future Form 20-F
filings, subject to updates and adjustments to be made in connection with any material development of the subject matter being disclosed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Explanatory Note</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">KE Holdings Inc.
is not a Chinese operating company but rather a Cayman Islands holding company with operations primarily conducted by its subsidiaries
in China and through contractual arrangements with the variable interest entities based in China. PRC laws and regulations restrict and
impose conditions on foreign direct investment in companies involved in the provision of value-added telecommunication services and certain
financial services. Therefore, we operate such business in China through the applicable VIEs in this annual report, and rely on contractual
arrangements among our PRC subsidiaries, the VIEs and their shareholders to control the business operations of the VIEs. Revenues contributed
by the VIEs, excluding inter-group transactions, accounted for 11.6%, 1.4% and % of our total net revenues for the fiscal years 2019,
2020 and 2021, respectively. As used in this annual report, &ldquo;Beike,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our company&rdquo;
or &ldquo;our&rdquo; refers to KE Holdings Inc., its subsidiaries, and, in the context of describing the consolidated financial information,
the VIEs and their subsidiaries in China. Investors in our ADSs thus are not purchasing equity interest in the VIEs in China but instead
are purchasing equity interest in KE Holdings Inc., a Cayman Islands holding company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Our corporate
structure is subject to risks associated with our contractual arrangements with the VIEs. Investors may not directly hold equity
interests in the VIEs or in the businesses that are conducted by the VIEs, and the VIE structure provides contractual exposure to
foreign investment in the companies which involve foreign investment restrictions. If the PRC government finds that the agreements
that establish the structure for operating our business do not comply with PRC laws and regulations, or if these regulations or
their interpretations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in
those operations. This may result in the VIEs being deconsolidated, which would materially and adversely affect our operations, and
our ADSs may decline significantly in value or become worthless. Our holding company, our PRC subsidiaries, the VIEs, and investors
of our company face uncertainty about potential future actions by the PRC government that could affect the enforceability of the
contractual arrangements with the VIEs and, consequently, significantly affect the financial performance of the VIEs and our company
as a whole. The PRC regulatory authorities could disallow the VIE structure, which would likely result in a material adverse change
in our operations, and our class A ordinary shares or our ADSs may decline significantly in value or become worthless. As such, the
VIE structure involves unique risks to investors of our holding company. For a detailed description of the risks associated with our
corporate structure, please refer to risks disclosed under &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Related
to Our Corporate Structure.&rdquo;&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">KE Holdings
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">February 17, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Page 11<B>&nbsp;</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD STYLE="text-align: justify"><B>We have considered your response to comment 8. Please expand your disclosure at the outset of Part
I to address with additional detail how recent statements and regulatory actions by China&rsquo;s government, such as those related to
data security or anti-monopoly concerns, has or may impact the company&rsquo;s ability to conduct its business, accept foreign investments,
or list on an U.S. or other foreign exchange.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company respectfully proposes to further revise and include the following disclosure at the outset of Part I in its future Form 20-F
filings, subject to updates and adjustments to be made in connection with any material development of the subject matter being disclosed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;We face various
legal and operational risks and uncertainties associated with being based in or having the majority of our operations in China and the
complex and evolving PRC laws and regulations. As such, we face risks associated with regulatory approvals on offerings conducted overseas
by and foreign investment in China-based issuers, the use of VIEs, anti-monopoly regulatory actions, and oversight on cybersecurity and
data privacy, as well as the lack of PCAOB inspection on our auditors, which may impact our ability to conduct certain businesses, accept
foreign investments, or list on a United States or other foreign exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">For example, the
recently promulgated PRC Data Security Law and the PRC Personal Information Protection Law in 2021 posed additional challenges to our
cybersecurity and data privacy compliance. The Cybersecurity Review Measures issued by the CAC and several other PRC governmental authorities
in December 2021, as well as the Administration Regulations on Cyber Data Security (Draft for Comments) published by the CAC for public
comments in November 2021, exposes uncertainties and potential additional restrictions on China-based overseas-listed companies like us.
If the detailed rules, implementations, or the enacted version of the draft measures mandate clearance of cybersecurity review and other
specific actions to be completed by us, we face uncertainties as to whether such clearance can be timely obtained, the failure of which
may subject us to penalties, which could materially and adversely affect our business and results of operations and the price of our ADSs.
See &ldquo;Item 3. Key Information&mdash;Risk Factors&mdash;Risks Related to Our Business and Industry&mdash;Our business generates and
processes a large amount of data and is subject to various evolving PRC laws and regulations regarding cybersecurity and data privacy.
Failure of cybersecurity and data privacy concerns could subject us to significant reputational, financial, legal and operational consequences,
and deter current and potential customers from using our services&rdquo; for additional details.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">KE Holdings
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">February 17, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Page 12<B>&nbsp;</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">On December
24, 2021, the CSRC published the draft Regulations of the State Council on the Administration of Overseas Securities Offering and
Listing by Domestic Companies (Draft for Comments), or the Administrative Provisions, and the draft Administrative Measures for the
Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) for public comments. Pursuant to these
drafts, PRC domestic companies that directly or indirectly seek to offer or list their securities in an overseas stock exchange,
including a PRC company limited by shares and an offshore company whose main business operations are in China and intends to offer
securities or be listed in an overseas stock exchange based on its onshore equities, assets or similar interests, are required to
file with the CSRC within three business days after submitting their application documents to the regulator in the place of intended
listing or offering. Particularly, domestic companies shall submit the filing with respect to its initial public offering and
listing within three business days after its initial filing of the listing application, and submit the filing with respect to its
follow-on offering within three business days after completion of the follow-on offering. Failure to complete the filing under the
Administrative Provisions may subject the domestic company to a warning or a fine of one to ten million RMB. In serious
circumstances, the domestic company may be ordered to suspend its business or suspend its business pending rectification, or its
permits or businesses licenses may be revoked. As of the date of this annual report, there is no schedule for the adoptions of such
drafts, and it remains unclear whether the versions adopted will have any further material changes. There remain substantial
uncertainties about how these drafts will be enacted, interpreted or implemented and how they will affect our operations and future
overseas offerings. See &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Related to Doing Business in
China&mdash;The PRC government&rsquo;s oversight and discretion over our business operations could result in a material adverse
change in our operations and the value of our ADSs.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Furthermore, the
PRC anti-monopoly regulators have promulgated new anti-monopoly and competition laws and regulations and strengthened the enforcement
under these laws and regulations. There remains uncertainties as to how the laws, regulations and guidelines recently promulgated will
be implemented and whether these laws, regulations and guidelines will have a material impact on our business, financial condition, results
of operations and prospects. We cannot assure you that our business operations comply with such regulations and authorities&rsquo; requirements
in all respects. If any non-compliance is raised by relevant authorities and determined against us, we may be subject to fines and other
penalties. See &ldquo;Item 3. Key Information&mdash;Risk Factors&mdash;Risks Related to Our Business and Industry&mdash;Any failure or
perceived failure by us to comply with the anti-monopoly and competition laws and regulations in the PRC may result in governmental investigations,
enforcement actions, litigation or claims against us and could have an adverse effect on business, reputation, results of operations and
financial condition.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">These risks could
result in a material adverse change in our operations and the value of our ADSs, significantly limit or completely hinder our ability
to continue to offer securities to investors, or cause the value of such securities to significantly decline. For a detailed description
of risks related to doing business in China, see &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Related to Doing Business
in China.&rdquo;&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">KE Holdings
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">February 17, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Page 13<B>&nbsp;</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD STYLE="text-align: justify"><B>We have considered your response to comment 9 and reissue the comment in part. Please refrain from
using terms such as &ldquo;we&rdquo; or &ldquo;our&rdquo; when describing activities or functions of a VIE. In that regard,
refrain from using the term &ldquo;our VIE&rdquo; when referencing KE Holdings, Inc. and revise your disclosures accordingly.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company respectfully proposes to include the following disclosure at the outset of Part I in its future Form 20-F filings and undertakes
to revise the disclosures throughout in its future Form 20-F filings to make the required distinction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;As used in
this annual report, &ldquo;Beike,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our company&rdquo; or &ldquo;our&rdquo; refers to
KE Holdings Inc., its subsidiaries, and, in the context of describing the consolidated financial information, the VIEs and their subsidiaries
in China. Investors in our ADSs thus are not purchasing equity interest in the VIEs in China but instead are purchasing equity interest
in KE Holdings Inc., a Cayman Islands holding company.&rdquo;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company further undertakes to refrain
from using terms such as &ldquo;we&rdquo; or &ldquo;our&rdquo; when describing activities or functions of the VIEs and from using the
term &ldquo;our VIE&rdquo; when referencing KE Holdings Inc., and will revise to reflect the updated disclosure throughout its future
Form 20-F filings.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Tao Xu</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Tao Xu</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 229.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">cc:</TD><TD>Yongdong Peng, Chairman of the Board of Directors and Chief Executive Officer, KE Holdings Inc.</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">Z. Julie Gao, Esq., Partner, Skadden, Arps, Slate, Meagher &amp; Flom LLP</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">Yuting Wu, Esq., Partner, Skadden, Arps, Slate, Meagher &amp; Flom LLP</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="1" STYLE="font: 10pt Times New Roman, Times, Serif">Amanda Zhang, Partner, PricewaterhouseCoopers Zhong Tian LLP</TD></TR>
  </TABLE>


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