June 25, 2025

XU Tao
Chief Financial Officer
KE Holdings Inc.
Oriental Electronic Technology Building
No. 2 Chuangye Road, Haidian District
Beijing 100086
People   s Republic of China

       Re: KE Holdings Inc.
           Form 20-F for the fiscal year ended December 31, 2024
           File No. 001-39436
Dear XU Tao:

       We have limited our review of your filing to the financial statements
and related
disclosures and have the following comments.

       Please respond to this letter within ten business days by providing the
requested
information or advise us as soon as possible when you will respond. If you do
not believe a
comment applies to your facts and circumstances, please tell us why in your
response.

       After reviewing your response to this letter, we may have additional
comments.

Form 20-F for the fiscal year ended December 31, 2024
Notes to Consolidated Financial Statements
2. Significant Accounting Policies
2.2 Basis of preparation
Changes in Presentation, page F-21

1.     We note your disclosure that you elected to change the presentation of
certain cash
       flows on your Consolidated Statements of Cash Flows, specifically the
changes
       associated with customer deposits payable and payable related to escrow
accounts
       services from operating activities to financing activities. Please
clarify for us how you
       determined these items are related to financing activities. Within your
response,
       please refer to ASC 230.
 June 25, 2025
Page 2

2.22 Revenue recognition
Contract Balances, page F-37

2.     We note the line item for customer deposits payable on your Consolidated
Balance
       Sheets. Please address the following:
           Please clarify for us and in future filings the nature of this line
item.
           Please clarify for us if such line item is a contract liability. In
your response,
          please tell us how you came to your determination. Please reference
ASC 606
          within your response.
           To the extent such line item is a contract liability, please tell us
how you complied
          with the disclosure requirements of paragraphs 8-11 of ASC 606-10-50.

        In closing, we remind you that the company and its management are
responsible for
the accuracy and adequacy of their disclosures, notwithstanding any review,
comments,
action or absence of action by the staff.

       Please contact Howard Efron at 202-551-3439 or Jennifer Monick at
202-551-3295
with any questions.



                                                            Sincerely,

                                                            Division of
Corporation Finance
                                                            Office of Real
Estate & Construction
cc:   Haiping Li