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

Happy Friday & Strong HK Rebound! What to Chase? China Prop (High Beta) And HK Prop (Value Play)

Short Note: CTF, Shareholder of NWD 17 HK, Announced Proposed Privatization for NWS, Positive to NWD

Short Note: HK RE – Supportive Mortgage Policy, Resi Developers Are Trading at Trough Valuation

New World Development(17 HK):High Leverage in HKRE but Likely the First to Rebound if Rate Peaks Out

Short Note: Position for Upcoming Banking Crisis, BUY Hong Kong & China Property Stocks, and BTC/ETH

Hang Lung Properties (101 HK): The Only Play on China Luxury Consumption and at a Macro Sweet Spot

Short Note: LONG China on Monetary Easing Cycle

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>Hong Kong retail sales strongly rebounded 41% yoy in March</li>
<li>During May Day Holiday (Apr 29 – May 3), there was 625k mainland visitors to Hong Kong, around 63% of pre-COVID level</li>
<li>Among all RE sub-sectors, retail and residential will be the first to recover (already seeing recovery), office will be lagging and the last. </li>
</ul>


Hong Kong retail sales strongly rebounded 41% yoy in March
During May Day Holiday (Apr 29 – May 3), there was 625k mainland visitors to Hong Kong, around 63% of pre-COVID level
Among all RE sub-sectors, retail and residential will be the first to recover (already seeing recovery), office will be lagging and the last. 


HK RE: Retail to Benefit from Tourism Recovery.  Buy HLP 101 HK & NWD 17 HK on Attractive Valuation