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

Champion REIT 2778 HK: Facing Multiple Headwinds, an Uphill Battle.  Bearish

Swire Prop 1972 HK: HK Office & China Retail Can Be Double Drag, No Share Buyback & Lack of Catalyst

Hong Kong Land HKL SP – a Long-Term Value Play on Hong Kong Office Recovery

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 Hong Kong office market is now facing multiple headwinds including an oversupply, persistently weak demand and slowdown in Chinese corporates expansion</li>
<li>Accordingly, the availability rate In Hong Kong office rose to record high, reaching 19.3% as of Q2 2025, according to Cushman.  Vacancy rate in Central is at 13%</li>
<li>We are bearish on Champion REIT, given its direct exposure to HK Grade A office market</li>
</ul>


The Hong Kong office market is now facing multiple headwinds including an oversupply, persistently weak demand and slowdown in Chinese corporates expansion
Accordingly, the availability rate In Hong Kong office rose to record high, reaching 19.3% as of Q2 2025, according to Cushman.  Vacancy rate in Central is at 13%
We are bearish on Champion REIT, given its direct exposure to HK Grade A office market


Hong Kong Office Market: Persistent Vacancy and Rental Pressure – SHORT Champion REIT 2778 HK