On the afternoon of December 12, at the 2025 Open Day event of Beihaojia, Xu Wangang, Vice Chairman of KE Holdings Inc. and CEO of the Beihaojia business line, delivered a keynote speech titled "Building a New Model for Real Estate Development with C2M." Addressing why KE Holdings entered the development sector, Xu explained that Beihaojia never intended to become a traditional developer but aimed to leverage its data strengths to drive supply-side transformation through the C2M (Customer-to-Manufacturer) model.
Xu pointed out that over the past 30 years of real estate development, "customer sovereignty" has taken center stage for the first time. He elaborated that the supply-demand dynamics in the property market have fundamentally shifted since 2021, transitioning from a seller's to a buyer's market. Customers are now more cautious, leading to longer transaction cycles. As the market slows, customer acquisition has become more challenging, and sales expenses for developers have risen.
However, Xu emphasized that well-matched homes meeting customer needs continue to sell well, highlighting significant opportunities for quality properties and services. Beihaojia conducted research on 1,352 newly launched projects in top-tier cities over the past two years, revealing that high-quality developments achieve faster sales.
Explaining Beihaojia's decision to independently manage projects, Xu stated it was to validate and enhance C2M capabilities. "Without end-to-end execution, many aspects cannot be tested. Beihaojia is essentially creating a larger pilot project to expand the C2M model to more cities and developments." This approach has also shaped Beihaojia's product philosophy: "living quality outweighs sales performance" and "customer needs surpass development experience."
In July 2023, KE Holdings upgraded its strategy to "One Core, Three Wings," formally establishing the Beihaojia business line. By November 2025, Beihaojia had launched 17 diversified real estate development projects in cities like Beijing, Shanghai, and Guangzhou, including two self-managed projects: Beichen S1 in Chengdu and Beilian C1 in Shanghai.
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