Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Jacob has 7 years of professional buy-side experience in real estate investment and listed equities.  Jacob worked as a portfolio manager/analyst in Global Listed Real Estate team in AMP Capital and Macquarie Asset Management.  Prior to that, Jacob has spent 5 years in APG asset management, in the listed real estate team.  As one of the largest RE funds in Asia, he co-managed EUR6bn investment portfolio with the team with a focus on Hong Kong and China property.  He led the USD200m cornerstone investment in Wanda Commercial Properties IPO (the largest mall operator and developer in China).  Prior to this, Jacob has 3 years of experience in investment banking in Bank of America Merrill Lynch, covering equity, debt and M&A transactions across real estate, consumer& retail and TMT sectors.  Jacob specializes in fundamental bottom up research.  Aside from work, Jacob has a personal interest in spirituality and personal development.  He practiced meditation and has published a book about meaning of life in 2016.

Listed Real Estate Asia

Hang Lung: Facing China Wealth Erosion and A Structural Retail Consumption Reset

Ultimate Real Estate Arbitrage: Capturing the Sovereign Premium Through LONG COLI / SHORT LONGFOR

Terminal Deflation: Evergrande's Collapse and the Structural Reset of Chinese Real Estate

The 20 Trillion RMB Property Wealth Erosion and Its Impact on China's Structural Retail Slowdown

The Accountability Era: Shimao's Fall Signals an SOE Monopoly—BUY COLI

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)

China Real estate / Thematic (Sector/Industry)

China Overseas Land & Investment (688 HK)

<ul>
<li>20 Trillion RMB Vaporized: Wealth evaporated via marginal pricing. Physical cash is permanently trapped in non-yielding municipal concrete, structurally destroying the foundation of middle-class retail consumption.</li>
<li>The Full-Recourse Trap: Draconian mortgage laws and severe social blacklists force panicked household deleveraging, locking China into a permanent deflationary balance sheet recession with no exit mechanism.</li>
<li>SHORT Longfor Group (960 HK): The private survivor is a value trap masking negative development margins, shrinking cash flows, and severe exposure to a retail consumption downgrade.</li>
</ul>


20 Trillion RMB Vaporized: Wealth evaporated via marginal pricing. Physical cash is permanently trapped in non-yielding municipal concrete, structurally destroying the foundation of middle-class retail consumption.
The Full-Recourse Trap: Draconian mortgage laws and severe social blacklists force panicked household deleveraging, locking China into a permanent deflationary balance sheet recession with no exit mechanism.
SHORT Longfor Group (960 HK): The private survivor is a value trap masking negative development margins, shrinking cash flows, and severe exposure to a retail consumption downgrade.


Anatomy of an Implosion: Recourse Traps, Capital Destruction & The Longfor Short