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FINANCING RECEIVABLES, NET (Tables) | 12 Months Ended
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Dec. 31, 2025
FINANCING RECEIVABLES, NET |
Schedule of financing receivables, net | ​
​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ |  | 2024 |  | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB
​ |  | (in thousands)
Short‑term: | ​ | ​ | ​ | ​
Financing receivables from consolidated trusts |  | 2,830,180 |  | 1,348,814
Financing receivables from micro‑loan platforms |  | 152,677 |  | 179,346
Total short‑term financing receivables |  | 2,982,857 |  | 1,528,160
Allowance for credit losses |  | (147,330) |  | (174,478)
Total short‑term financing receivables, net |  | 2,835,527 |  | 1,353,682
Schedule of provision for credit losses, financing receivable | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ | ​ | 2023 |  | 2024 |  | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB
​ | ​ | (in thousands)
Beginning balance | ​ | (139,427) | ​ | (122,482) | ​ | (147,330)
Reversals (Provisions) |  | 7,573 |  | (27,017) |  | (27,148)
Write‑offs |  | 9,372 |  | 2,169 |  | —
Ending balance |  | (122,482) |  | (147,330) |  | (174,478)
Schedule of financing receivables portfolio based on customer type, origination year and delinquency | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 180 days | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 1‑29 Days |  | 30‑59 Days |  | 60‑89 Days |  | 90‑179 Days |  | or greater |  | Total | ​ | ​ | ​ | ​
RMB in thousands | ​ ​ ​ | Past Due | ​ ​ ​ | Past Due | ​ ​ ​ | Past Due | ​ ​ ​ | Past Due | ​ ​ ​ | Past Due | ​ ​ ​ | Past Due | ​ ​ ​ | Current | ​ ​ ​ | Total
Property transaction related business | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2020 and before | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 54,634 | ​ | 54,634 | ​ | — | ​ | 54,634
2021 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 45,625 | ​ | 45,625 | ​ | — | ​ | 45,625
2022 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 391 | ​ | 391 | ​ | — | ​ | 391
2023 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 2,624 | ​ | 2,624 | ​ | — | ​ | 2,624
2024 | ​ | 20,687 | ​ | 204 | ​ | 1,600 | ​ | 561 | ​ | 7,589 | ​ | 30,641 | ​ | 2,805,961 | ​ | 2,836,602
Subtotal | ​ | 20,687 | ​ | 204 | ​ | 1,600 | ​ | 561 | ​ | 110,863 | ​ | 133,915 | ​ | 2,805,961 | ​ | 2,939,876
Non-property transaction related business | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2020 and before | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 37,439 | ​ | 37,439 | ​ | — | ​ | 37,439
2021 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 5,210 | ​ | 5,210 | ​ | — | ​ | 5,210
2022 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 332 | ​ | 332 | ​ | — | ​ | 332
2023 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
2024 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Subtotal | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 42,981 | ​ | 42,981 | ​ | — | ​ | 42,981
December 31, 2024 | ​ | 20,687 |  | 204 |  | 1,600 |  | 561 |  | 153,844 | ​ | 176,896 | ​ | 2,805,961 | ​ | 2,982,857
Property transaction related business | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2021 and before | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 98,857 | ​ | 98,857 | ​ | — | ​ | 98,857
2022 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 391 | ​ | 391 | ​ | — | ​ | 391
2023 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 1,572 | ​ | 1,572 | ​ | — | ​ | 1,572
2024 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 12,647 | ​ | 12,647 | ​ | — | ​ | 12,647
2025 | ​ | 6,140 | ​ | 2,495 | ​ | 2,542 | ​ | 13,785 | ​ | 6,610 | ​ | 31,572 | ​ | 1,341,407 | ​ | 1,372,979
Subtotal | ​ | 6,140 | ​ | 2,495 | ​ | 2,542 | ​ | 13,785 | ​ | 120,077 | ​ | 145,039 | ​ | 1,341,407 | ​ | 1,486,446
Non-property transaction related business | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2021 and before | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 41,382 | ​ | 41,382 | ​ | — | ​ | 41,382
2022 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 332 | ​ | 332 | ​ | — | ​ | 332
2023 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
2024 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
2025 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Subtotal | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 41,714 | ​ | 41,714 | ​ | — | ​ | 41,714
December 31, 2025 |  | 6,140 |  | 2,495 |  | 2,542 |  | 13,785 |  | 161,791 | ​ | 186,753 | ​ | 1,341,407 | ​ | 1,528,160
​

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- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-13 + Details
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- Definition Tabular disclosure of aging analysis for financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-14 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 80 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479294/326-20-55-80 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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