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

COLI (688 HK): The Best Beta Play for China

Short Note: LONG China on Monetary Easing Cycle

Short Note: China Property – Guangzhou/Shenzhen/Shanghai Loosen the Property Sector – Buy Now!

Short Note: China Property Recovery Upcoming with Policy Support and Rate Cut

Is It Time to Re-Visit China? Where Is Capital Going? We Look at Positioning, Valuation and Risks

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)

<ul>
<li>We are turning bullish on the sector.  We think there are several structural drivers that will improve the sector as a whole, both on demand and supply side</li>
<li>Continued low onshore rates will boost the property market as well as reduce funding cost for developers.  The decline in new start will also help support home prices</li>
<li>Valuation is still almost historical low, we think the downside is relatively limited</li>
</ul>


We are turning bullish on the sector.  We think there are several structural drivers that will improve the sector as a whole, both on demand and supply side
Continued low onshore rates will boost the property market as well as reduce funding cost for developers.  The decline in new start will also help support home prices
Valuation is still almost historical low, we think the downside is relatively limited


China Overseas Land & Investment (688 HK)

China Prop Short Note: Turning Bullish on “lower Rates for Longer” & Improving Sector Fundamentals

China Real Estate

China Prop Short Note: Turning Bullish on “lower Rates for Longer” & Improving Sector Fundamentals