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

A Contrarian View on New World: Market Is Forward-Looking, Bet on Leveraged Play in Rate Cut Cycle

NWD 17 HK Update: De-Leveraging in Process, the Biggest Beneficiary of Fed Rate Cut Cycle

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

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

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 recent debt exchange merely deferred a massive 2028 maturity wall, leaving new bondholders structurally subordinated to commercial banks claiming the Victoria Dockside assets.</li>
<li>Grappling with a structural funding gap exceeding HKD 8 billion annually, management is accelerating a desperate HKD 27 billion asset fire-sale to restore positive cash flow.</li>
<li>The Iran conflict guarantees a "higher-for-longer" HIBOR environment, systematically destroying going-concern equity value and exposing the capital stack to severe liquidation haircuts.</li>
</ul>


The recent debt exchange merely deferred a massive 2028 maturity wall, leaving new bondholders structurally subordinated to commercial banks claiming the Victoria Dockside assets.
Grappling with a structural funding gap exceeding HKD 8 billion annually, management is accelerating a desperate HKD 27 billion asset fire-sale to restore positive cash flow.
The Iran conflict guarantees a "higher-for-longer" HIBOR environment, systematically destroying going-concern equity value and exposing the capital stack to severe liquidation haircuts.


NWD 17 HK: The 2028 Maturity Wall, Victoria Dockside's Debt Trap, and the Iran Macro Shock

New World Development

NWD 17 HK: The 2028 Maturity Wall, Victoria Dockside's Debt Trap, and the Iran Macro Shock