| 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 |
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| 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 |
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