KE Holdings, or Beike, a Chinese online real estate brokerage backed by Tencent and Softbank, has reportedly laid off an entire research and development team in Shanghai. The company attributed the layoff to “drastic changes in the industry.” China’s housing market is cooling down in recent months, partly due to increased curb on lending. The US-listed firm said it will comply with labor laws and make proper arrangements for affected employees. [The Economic Observer, in Chinese]