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

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

Hang Lung Properties 101 HK: Dragged by China Slowing Luxury Retail, but Stock Too Cheap to Ignore

Turning Bearish: Hang Lung Properties Going Through a Perfect Storm

Short Note: US Rate Pause, China Stimulus, and the HK Rebound

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>The Adriel Chan and Leo Tsoi era marks a radical shift from traditional landlord to consumer-obsessed retail operator, prioritizing digital loyalty and omnichannel ecosystems.</li>
<li>To counter China's luxury downgrade, tenant mix will pivot to experiential retail, driving recurring footfall but requiring a modeled transition period for margin compression.</li>
<li>Focusing on an asset-light model and operational efficiency over heavy capital expenditures will be key.  We remain bearish on Hang Lung until we see further clarity regarding its business strategy.</li>
</ul>


The Adriel Chan and Leo Tsoi era marks a radical shift from traditional landlord to consumer-obsessed retail operator, prioritizing digital loyalty and omnichannel ecosystems.
To counter China's luxury downgrade, tenant mix will pivot to experiential retail, driving recurring footfall but requiring a modeled transition period for margin compression.
Focusing on an asset-light model and operational efficiency over heavy capital expenditures will be key.  We remain bearish on Hang Lung until we see further clarity regarding its business strategy.


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