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

Quick Note: The US Easing Trade: Buy Asia Leveraged Developers and REITs, NWD, COLI, SHKP, Link REIT

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

BUY D.R. Horton - The Fed's First Cut Unlocks a New Cycle for Homebuilders

Asia Monetary Easing: Tailored for Income-Generating Real Estate

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

Quick Note: 1M HIBOR Decline by 300bps – Implications for Hong Kong 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

Thematic (Sector/Industry)

Hong kong Real estate / Thematic (Sector/Industry)

<ul>
<li>2025 YTD, HK/China RE companies rebounded from recent lows (10% - 30%), and we think this will continue and turn into a sector re-rating</li>
<li>A combination of reduced global geopolitical tensions, expected monetary easing from US, China’s fiscal and monetary stimulus, HK’s robust capital inflow and lower interbank rate will support re-rating</li>
<li>Despite recent rebound, valuation remains attractive.  We recommend LONG COLI 688 HK and SHKP 16 HK.  For higher risk tolerance and higher beta, we recommend NWD 17 HK</li>
</ul>


2025 YTD, HK/China RE companies rebounded from recent lows (10% - 30%), and we think this will continue and turn into a sector re-rating
A combination of reduced global geopolitical tensions, expected monetary easing from US, China’s fiscal and monetary stimulus, HK’s robust capital inflow and lower interbank rate will support re-rating
Despite recent rebound, valuation remains attractive.  We recommend LONG COLI 688 HK and SHKP 16 HK.  For higher risk tolerance and higher beta, we recommend NWD 17 HK


China Overseas Land & Investment (688 HK)

HK/China Real Estate Bottoming Out, Upcoming Re-Rating with Multiple Catalysts