China-based real estate services provider KE Holdings Inc said in a statement on Tuesday that foreign media reports that it is being investigated by the State Administration for Market Regulation (SAMR) are inaccurate.
It was reported that China’s top market regulator has begun an investigation into suspected anti-competitive practices by KE Holdings, the country’s biggest housing broker whose top backer is Tencent Holdings.
In a public statement, the company said the reports were “fake news.”
Affected by the news, the share price of KE Holdings, which owns Chinese brokerage business Lianjia and fast-growing online platform Beike Zhaofang, fell 9 percent in pre-market trading on Tuesday at the New York Stock Exchange.
KE Holdings floated on the New York Stock Exchange last October. On Monday, the company announced its appointment of a new chairman after its billionaire founder Zuo Hui passed away last week.
The SAMR has launched a series of investigations into China’s internet platform companies for monopolistic behavior in recent months with a record $2.8 billion fine handed to Alibaba Group.
KE Holdings Photo: VCG
