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                <filerCredentials>
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                    <ccc>XXXXXXXX</ccc>
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            <liveTestFlag>LIVE</liveTestFlag>



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        <issuerInfo>
            <issuerCik>0001809587</issuerCik>
            <issuerName>KE HOLDINGS INC.</issuerName>
            <secFileNumber>001-39436</secFileNumber>
            <issuerAddress>
                <ns2:street1>ORIENTAL ELECTRONIC TECHNOLOGY BUILDING</ns2:street1>
                <ns2:street2>NO. 2 CHUANGYE ROAD, HAIDIAN DISTRICT</ns2:street2>
                <ns2:city>BEIJING</ns2:city>
                <ns2:stateOrCountry>F4</ns2:stateOrCountry>
                <ns2:zipCode>100086</ns2:zipCode>
            </issuerAddress>
            <issuerContactPhone>861058104689</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>H CAPITAL XM, LP</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Director</relationshipToIssuer>
            </relationshipsToIssuer>
        </issuerInfo>
        <securitiesInformation>
            <securitiesClassTitle>ADS</securitiesClassTitle>
            <brokerOrMarketmakerDetails>
                <name>Morgan Stanley Smith Barney LLC Executive Financial Services</name>
                <address>
                    <ns2:street1>1 New York Plaza</ns2:street1>
                    <ns2:street2>38th Floor</ns2:street2>
                    <ns2:city>New York</ns2:city>
                    <ns2:stateOrCountry>NY</ns2:stateOrCountry>
                    <ns2:zipCode>10004</ns2:zipCode>
                </address>
            </brokerOrMarketmakerDetails>
            <noOfUnitsSold>350788</noOfUnitsSold>
            <aggregateMarketValue>5480641.55</aggregateMarketValue>
            <noOfUnitsOutstanding>1202102000</noOfUnitsOutstanding>
            <approxSaleDate>11/27/2023</approxSaleDate>
            <securitiesExchangeName>NYSE</securitiesExchangeName>
        </securitiesInformation>
        <securitiesToBeSold>
            <securitiesClassTitle>ADS</securitiesClassTitle>
            <acquiredDate>01/28/2019</acquiredDate>
            <natureOfAcquisitionTransaction>Private Acquisition from Issuer/Affiliate</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>350788</amountOfSecuritiesAcquired>
            <paymentDate>01/28/2019</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>11/27/2023</noticeDate>
            <planAdoptionDates/>
            <signature>/s/ Xiaohong Chen</signature>
        </noticeSignature>
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144
0002000874
XXXXXXXX
LIVE
0001809587
KE HOLDINGS INC.
001-39436
ORIENTAL ELECTRONIC TECHNOLOGY BUILDING
NO. 2 CHUANGYE ROAD, HAIDIAN DISTRICT
BEIJING
F4
100086
861058104689
H CAPITAL XM, LP
Director
ADS
Morgan Stanley Smith Barney LLC Executive Financial Services
1 New York Plaza
38th Floor
New York
NY
10004
350788
5480641.55
1202102000
11/27/2023
NYSE
ADS
01/28/2019
Private Acquisition from Issuer/Affiliate
Issuer
N
350788
01/28/2019
Cash
Y
11/27/2023
/s/ Xiaohong Chen