Ke Holdings Posts First GTV Growth in a Year as Secondary Sales Surge

Ke Holdings, China's largest real estate brokerage and transactions platform, reported a 6.3% year-on-year increase in total gross transaction value to 933.8 billion yuan for the second quarter of 2026, marking its first annual expansion in a year. The turnaround was spearheaded by a 25% jump in existing-home sales volume, which lifted net revenue to 24.5 billion yuan and pushed adjusted operating margin up 8.5 percentage points to 14.6%. The results reflect stabilizing consumer demand in secondary housing across core metropolitan markets alongside tighter working capital management.

As China's leading residential transaction intermediary, Ke Holdings serves as an operational bellwether for urban housing demand. The firm's return to positive GTV growth signals that recent municipal easing and lower mortgage hurdles are beginning to restore liquidity in the secondary market. Furthermore, its operational metrics demonstrate that platform brokers are adapting to an era dominated by existing homes rather than new construction.

Ke Holdings posted a rebound in the second quarter of 2026, reporting its first year-on-year growth in gross transaction value (GTV) in twelve months, according to its unaudited financial disclosures. Total GTV rose 6.3% year-on-year to 933.8 billion yuan, supported by an upturn in China's secondary residential property sector. Net revenue reached 24.5 billion yuan for the quarter, while adjusted operating profit totaled 3.59 billion yuan. The platform's adjusted operating margin expanded by 8.5 percentage points year-on-year to 14.6%, representing the company's highest quarterly profitability in three years. Growth was led by the existing-home segment, where transaction volume climbed 25% compared with the same period last year. That expansion drove existing-home GTV up 8% year-on-year, generating 7.0 billion yuan in segment revenue. The contribution margin for existing-home services improved by 6.1 percentage points to 46.1%. Meanwhile, primary property transactions showed sequential stabilization; new-home GTV rose 1.2% year-on-year and 77.1% quarter-on-quarter, delivering 8.9 billion yuan in revenue. Chairman and Chief Executive Officer Peng Yongdong attributed the performance to internal organizational restructuring and productivity gains rather than aggressive network expansion. Instead of adding physical storefronts, the company focused on improving per-store transaction efficiency and deepening cross-store collaboration, lifting the average secondary transaction volume per store across its affiliated network by 26% year-on-year. Chief Financial Officer Xu Tao noted that gross margin widened by 6.7 percentage points year-on-year to 28.6%, while adjusted net profit margin reached 13.0%. The company generated 6.6 billion yuan in net cash from operating activities during the quarter. As of the end of the second quarter, Ke maintained a broad cash balance of approximately 67.3 billion yuan, excluding customer reserve funds. Additionally, the average turnover period for new-home accounts receivable fell to roughly 39 days, a reduction of approximately 12 days from the previous year, reflecting tighter payment settlement cycles.