Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>Sticky US inflation: Core CPI forces an 85% probability of a Fed rate hike, fundamentally shifting global liquidity and ending hopes of an imminent easing cycle.</li>
<li>Divergent APAC impacts: Hong Kong and Australia face severe cap rate pressures, while Japan and China offer isolated growth driven by local monetary autonomy and inbound tourism.</li>
<li>Strategic rotation: Short vulnerable retail assets like Link REIT facing structural decay, and go long on resilient cash-flow generators including CapitaLand Ascendas REIT and Japan Hotel REIT.</li>
</ul>


Sticky US inflation: Core CPI forces an 85% probability of a Fed rate hike, fundamentally shifting global liquidity and ending hopes of an imminent easing cycle.
Divergent APAC impacts: Hong Kong and Australia face severe cap rate pressures, while Japan and China offer isolated growth driven by local monetary autonomy and inbound tourism.
Strategic rotation: Short vulnerable retail assets like Link REIT facing structural decay, and go long on resilient cash-flow generators including CapitaLand Ascendas REIT and Japan Hotel REIT.


Yield Shock: Navigating the 85% Fed Hike Probability in APAC Real Estate

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul>
<li>JD has made a significant investment by acquiring a £197 million property in West London for its new UK headquarters.</li>
<li>Hong Kong's ITC is set to develop a 1GW data center campus in Jiangsu, focusing on enhancing digital transformation efforts.</li>
<li>Link REIT has divested a 50% stake in Sydney's 100 Market Street for $158 million, while SC Capital bought a luxury compound in Hong Kong for $39 million.</li>
</ul>


JD has made a significant investment by acquiring a £197 million property in West London for its new UK headquarters.
Hong Kong's ITC is set to develop a 1GW data center campus in Jiangsu, focusing on enhancing digital transformation efforts.
Link REIT has divested a 50% stake in Sydney's 100 Market Street for $158 million, while SC Capital bought a luxury compound in Hong Kong for $39 million.


Asia Real Estate Tracker (23-Jul-2026): JD acquires £197M HQ in West London.

<ul><li>Link REIT has divested a 50% stake in Sydney's 100 Market Street for $158 million to Aware Super.</li><li>Kingsford's acquisition of a redevelopment site in Singapore for $736 million is the year's largest sale.</li><li>A Frasers-led consortium has purchased a mixed-use site in Singapore's Bayshore area for $1.65 billion.</li></ul>

Link REIT has divested a 50% stake in Sydney's 100 Market Street for $158 million to Aware Super.Kingsford's acquisition of a redevelopment site in Singapore for $736 million is the year's largest sale.A Frasers-led consortium has purchased a mixed-use site in Singapore's Bayshore area for $1.65 billion.

Asia Real Estate Tracker (22-Jul-2026): Link REIT sells 50% of 100 Market St, Sydney, for $158M.

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 9th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), J&amp;T Express (1519 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 9th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), J&amp;T Express (1519 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Oct 9th): Tencent, Xiaomi, J&T Express

<ul>
<li>Surging United States inflation and elevated oil prices have halted anticipated rate cuts, keeping Hong Kong interbank rates elevated and driving structural cap rate expansion.</li>
<li>Despite isolated rental growth in premium commercial spaces, mathematical yield expansion violently overpowers income gains, triggering severe portfolio devaluation across the Asian equity space.</li>
<li>Major commercial RE operators, including Wharf REIC and Link REIT, are reporting multi-billion dollar revaluation deficits as updated appraisal metrics force a painful recalibration of asset book values.</li>
</ul>


Surging United States inflation and elevated oil prices have halted anticipated rate cuts, keeping Hong Kong interbank rates elevated and driving structural cap rate expansion.
Despite isolated rental growth in premium commercial spaces, mathematical yield expansion violently overpowers income gains, triggering severe portfolio devaluation across the Asian equity space.
Major commercial RE operators, including Wharf REIC and Link REIT, are reporting multi-billion dollar revaluation deficits as updated appraisal metrics force a painful recalibration of asset book values.


Cap Rate Expansion: Hong Kong Real Estate Valuation Are Collapsing

Hong Kong

Link REIT is Asia's largest real estate investment trust, managing a diversified portfolio of retail facilities, car parks, offices, and logistics assets across Hong Kong, Chinese Mainland, Australia, Singapore, and the UK. The company was founded in 2004 and is headquartered in Hong Kong.

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Link REIT (823 HK)

Yield Shock: Navigating the 85% Fed Hike Probability in APAC Real Estate

Core CPI forces an 85% probability of a Fed rate hike, fundamentally shifting global liquidity and ending hopes of an imminent easing cycle. The...

Jacob Cheng

Asia Real Estate Tracker (23-Jul-2026): JD acquires £197M HQ in West London.

JD has acquired a £197 million property for its UK HQ, while ITC plans a 1GW data center in Jiangsu, GPIF backs Advantage Partners' $123 million...

Asia Real Estate Tracker

Asia Real Estate Tracker (22-Jul-2026): Link REIT sells 50% of 100 Market St, Sydney, for $158M.

Link REIT sold a 50% stake in Sydney for $158M, SC Capital bought a Hong Kong compound for $39M, and Kingsford's $736M Singapore site is the year's...

Asia Real Estate Tracker

Hong Kong Buybacks Weekly (Oct 9th): Tencent, Xiaomi, J&T Express

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Cap Rate Expansion: Hong Kong Real Estate Valuation Are Collapsing

As seen by latest results from Link REIT and Wharf REIC, HK commercial property is showing a trend of cap rate expansion, which led to significant...

Jacob Cheng

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