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

Short Hysan (14 HK): The 2026 Earnings Cliff and Causeway Bay's Perfect Storm

Hongkong Land: The USD 100bn Ultra-Premium Pivot Unlocks Massive Asymmetric Value

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

Hong Kong Office Market: Persistent Vacancy and Rental Pressure – SHORT Champion REIT 2778 HK

Pair Trade: Shorting Peak HK Optimism SHKP 16HK to LONG China’s Real Estate Capitulation COLI 688HK

Short Wharf REIC: Structural De-Rating and Weakened Luxury Consumption

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

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 management and development / Thematic (Sector/Industry)

<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.


Wharf Real Estate Investment Company (1997 HK)

Cap Rate Expansion: Hong Kong Real Estate Valuation Are Collapsing