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

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

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

Hang Lung's Strategic Turnaround: Appointment of New CEO Likely Leads to Asset-Light Pivot

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

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>Eroding wealth: Multi-generational property wealth erasure is structurally fracturing China's aspirational luxury base, crippling tenant sales across regional mall portfolios.</li>
<li>Leverage trap: Heavy reliance on turnover-based leases creates a toxic operational leverage trap, accelerating landlord margin compression as luxury brands halt store expansions.</li>
<li>Dividend unsustainability: With dividend payout ratios exceeding 100% of leasing free cash flow amid heavy capital commitments, a drastic dividend cut is mathematically unavoidable.</li>
</ul>


Eroding wealth: Multi-generational property wealth erasure is structurally fracturing China's aspirational luxury base, crippling tenant sales across regional mall portfolios.
Leverage trap: Heavy reliance on turnover-based leases creates a toxic operational leverage trap, accelerating landlord margin compression as luxury brands halt store expansions.
Dividend unsustainability: With dividend payout ratios exceeding 100% of leasing free cash flow amid heavy capital commitments, a drastic dividend cut is mathematically unavoidable.


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

Hang Lung Properties

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