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ACCOUNTS RECEIVABLE AND CONTRACT ASSETS, NET (Tables)
12 Months Ended
Dec. 31, 2025
ACCOUNTS RECEIVABLE AND CONTRACT ASSETS, NET  
Schedule of accounts receivable, net

As of December 31, 

 

2024

 

2025

  ​ ​ ​

RMB

  ​ ​ ​

RMB

 

(in thousands)

New home transaction services

  ​ ​ ​

5,863,587

  ​ ​ ​

3,558,480

Existing home transaction services

 

546,658

 

463,634

Home renovation and furnishing

265,355

407,180

Home rental services

52,135

54,531

Emerging and other services

 

86,681

 

106,273

Accounts receivable

 

6,814,416

 

4,590,098

Allowance for credit losses

 

(1,517,099)

 

(1,498,651)

Accounts receivable, net

 

5,297,317

 

3,091,447

Schedule of ageing analysis of accounts receivable based on the date of delivery of service to customers

As of December 31, 

2024

2025

RMB

RMB

(in thousands)

– Up to 3 months

  ​ ​ ​

4,315,046

  ​ ​ ​

2,198,699

– 3 months to 1 year

 

649,209

 

727,822

– Over 1 year

 

1,850,161

 

1,663,577

Accounts receivable

 

6,814,416

 

4,590,098

Less: allowance for credit losses

 

(1,517,099)

 

(1,498,651)

Accounts receivable, net

 

5,297,317

 

3,091,447

Schedule of movements in the allowance for credit losses of accounts receivable

For the Year Ended December 31, 

 

2023

 

2024

 

2025

  ​ ​ ​

RMB

  ​ ​ ​

RMB

  ​ ​ ​

RMB

 

(in thousands)

Balance at the beginning of the year

  ​ ​ ​

(1,951,419)

  ​ ​ ​

(1,566,129)

  ​ ​ ​

(1,517,099)

Additions

 

(174,237)

 

(108,963)

 

(79,980)

Write‑offs

 

559,527

 

157,993

 

98,428

Balance at the end of the year

 

(1,566,129)

 

(1,517,099)

 

(1,498,651)

Schedule of contract assets, net

As of December 31, 

2024

2025

  ​ ​ ​

RMB

  ​ ​ ​

RMB

(in thousands)

Contract assets – gross

 

319,736

 

959,080

Allowance for credit losses

 

(119,064)

 

(113,551)

Contract assets, net

 

200,672

 

845,529