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 Rate Hike and Capital Flow: 5 Conviction Trades in Asian Real Estate

Henderson Land 12 HK – a Play on Farmland Conversion and Leveraged Developer - Bearish

Yield Shock: Navigating the 85% Fed Hike Probability in APAC Real Estate

The Suburban Mirage: Short Link REIT (0823.HK) As Shenzhen Leakage Triggers Structural Collapse

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

Henderson Land Development / Equity Bottom-Up

<ul>
<li>Policy Pivot: The 2026 Policy Address prioritizes long-term supply and public housing, heavily favouring Northern Metropolis infrastructure over short-term mass-market property stimulus.</li>
<li>Sector Impact: Mass-market buyers struggle under 50% DSR caps, while luxury inventory and commercial landlords benefit from targeted capital migration and stable yields.</li>
<li>Actionable Trade: Buy Henderson Land (0012.HK). Its 45m sq ft agricultural land bank captures massive Northern Metropolis monetization, unlocking deep Sum-of-the-Parts value.</li>
</ul>


Policy Pivot: The 2026 Policy Address prioritizes long-term supply and public housing, heavily favouring Northern Metropolis infrastructure over short-term mass-market property stimulus.
Sector Impact: Mass-market buyers struggle under 50% DSR caps, while luxury inventory and commercial landlords benefit from targeted capital migration and stable yields.
Actionable Trade: Buy Henderson Land (0012.HK). Its 45m sq ft agricultural land bank captures massive Northern Metropolis monetization, unlocking deep Sum-of-the-Parts value.


HK Property Arbitrage: Unlocking Henderson Land's Hidden Northern Metropolis Goldmine