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FINANCING RECEIVABLES, NET (Tables)

12 Months Ended

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