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

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

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

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

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>The formal delisting of China Evergrande will have an impact on its stakeholders, including the equity investors, creditors as well as Chinese homebuyers</li>
<li>There is a shift of government attitude from “intervention” to “stabilization”.  It is challenging for other developers who are facing liquidity crisis, e.g. China South City also suspend trading</li>
<li>For trade ideas, we recommend investors stick with SOE (e.g. COLI) with no bankrupty risk to bet on Chinese property recovery and short private stressed developers (e.g. Country Garden)</li>
</ul>


The formal delisting of China Evergrande will have an impact on its stakeholders, including the equity investors, creditors as well as Chinese homebuyers
There is a shift of government attitude from “intervention” to “stabilization”.  It is challenging for other developers who are facing liquidity crisis, e.g. China South City also suspend trading
For trade ideas, we recommend investors stick with SOE (e.g. COLI) with no bankrupty risk to bet on Chinese property recovery and short private stressed developers (e.g. Country Garden)


China Property: The Implication of Evergrande's De-Listing