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

Death of Shadow Developer: Evergrande Xu's Guilty Plea Clear Runway for SOE Monopoly. Buy COLI 688HK

HK/China Real Estate Bottoming Out, Upcoming Re-Rating with Multiple Catalysts

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

COLI (688 HK): The Best Beta Play for China

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

China Overseas Land & Investment / Equity Bottom-Up

China Overseas Land & Investment (688 HK)

<ul>
<li>Arbitrage the Extremes: Fading optimism in HK and peak pessimism in China presents a compelling pair trade: Short overvalued SHKP (up 46% YTD) against fundamentally robust, undervalued COLI (0% YTD)</li>
<li>HK Macro Headwinds: SHKP faces severe macro threats. Sticky inflation delaying Fed rate cuts creates HIBOR upside risks, threatening Hong Kong’s fragile property recovery amid a towering 2026 supply wall.</li>
<li>China Capitulation &amp; Alpha: Evergrande's legal closure signals the lifting of China's property overhang. Backed by aggressive state financing, SOE giant COLI is primed for a massive cyclical re-rating</li>
</ul>


Arbitrage the Extremes: Fading optimism in HK and peak pessimism in China presents a compelling pair trade: Short overvalued SHKP (up 46% YTD) against fundamentally robust, undervalued COLI (0% YTD)
HK Macro Headwinds: SHKP faces severe macro threats. Sticky inflation delaying Fed rate cuts creates HIBOR upside risks, threatening Hong Kong’s fragile property recovery amid a towering 2026 supply wall.
China Capitulation &amp; Alpha: Evergrande's legal closure signals the lifting of China's property overhang. Backed by aggressive state financing, SOE giant COLI is primed for a massive cyclical re-rating


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