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

Asian Equities Great Divide: REIM Premium Vs Legacy Developer Discount

Hongkong Land: Unlocking ESG Premium with Perfect GRESB Score

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

Cap Rate Expansion: Hong Kong Real Estate Valuation Are Collapsing

Hongkong Land HKL SP: A Strategic Update and on a Transformational Path

Pair Trade: Shorting Peak HK Optimism SHKP 16HK to LONG China’s Real Estate Capitulation COLI 688HK

Short Wharf REIC: Structural De-Rating and Weakened Luxury Consumption

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>Strategic Vision 2035 accelerates under CEO Michael Smith, pivoting to a USD100 bn ultra-premium property manager, driving third-party capital expansion and double-digit dividend growth.</li>
<li>Outstanding 1H 2026 results feature USD3.7bn in recycled capital, slashing gearing to 11%, validating the USD 1bn Tomorrow’s CENTRAL transformation in Hong Kong.</li>
<li>The SGD8.2bn SCPREF launch and Orchard Road acquisition secure recurring fees; trading at a massive NAV discount, Hongkong Land offers immense upside with robust buybacks.</li>
</ul>


Strategic Vision 2035 accelerates under CEO Michael Smith, pivoting to a USD100 bn ultra-premium property manager, driving third-party capital expansion and double-digit dividend growth.
Outstanding 1H 2026 results feature USD3.7bn in recycled capital, slashing gearing to 11%, validating the USD 1bn Tomorrow’s CENTRAL transformation in Hong Kong.
The SGD8.2bn SCPREF launch and Orchard Road acquisition secure recurring fees; trading at a massive NAV discount, Hongkong Land offers immense upside with robust buybacks.


Hongkong Land: The USD 100bn Ultra-Premium Pivot Unlocks Massive Asymmetric Value