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

RE Stock Implications from Fed's Rate Cut and HK PA: Focus on Big Picture, Macro and Sector Drivers

Seeking Value and Safety in HK/China: SHKP 16 HK

SHKP 16 HK: A Very Safe Play to Bet on Hong Kong Future

Quick Note: The US Easing Trade: Buy Asia Leveraged Developers and REITs, NWD, COLI, SHKP, Link REIT

HK/China Real Estate Bottoming Out, Upcoming Re-Rating with Multiple Catalysts

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)

Hong kong Real estate / Thematic (Sector/Industry)

<ul>
<li>Lofter Group's tragic collapse marks the end for highly leveraged, asset-light developers, triggering a severe private market funding freeze and rapid capitalization rate expansion across Hong Kong.</li>
<li>Forced receivership sales, like One Bedford Place clearing at a massive discount, establish definitive new valuation benchmarks, forcing a painful but necessary market-wide price capitulation.</li>
<li>Initiating BUY on blue-chip developers (SHK, Sino Land, CK Asset); their fortress balance sheets and massive cash reserves position them perfectly to execute generational distressed M&amp;A.</li>
</ul>


Lofter Group's tragic collapse marks the end for highly leveraged, asset-light developers, triggering a severe private market funding freeze and rapid capitalization rate expansion across Hong Kong.
Forced receivership sales, like One Bedford Place clearing at a massive discount, establish definitive new valuation benchmarks, forcing a painful but necessary market-wide price capitulation.
Initiating BUY on blue-chip developers (SHK, Sino Land, CK Asset); their fortress balance sheets and massive cash reserves position them perfectly to execute generational distressed M&amp;A.


Blood in the Streets: Lofter's Collapse Ignites a Big Cap M&A Supercycle