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

BUY D.R. Horton - The Fed's First Cut Unlocks a New Cycle for Homebuilders

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

Asia Monetary Easing: Tailored for Income-Generating Real Estate

GDS and VNET – Recent Pullback Provides Entry Opportunity, Long-Term AI Growth Solid and Strong

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

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

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 Fed announced a 25bps rate cut, which is largely anticipated by the market.  The SEP median estimate indicates 2 more cuts in 2025</li>
<li>Regarding HK policy address, there are no meaningful positive surprise related to the property market.  It highlights the importance of Northern Metropolis development, and improving home ownership, and talent admission</li>
<li>Investors should see-through these and focus on big picture: macro developments, monetary policy, and sector fundamentals.  Pick company with attractive valuation and catalysts: NWD, Link REIT, CICT, COLI, VNET, GDS</li>
</ul>


The Fed announced a 25bps rate cut, which is largely anticipated by the market.  The SEP median estimate indicates 2 more cuts in 2025
Regarding HK policy address, there are no meaningful positive surprise related to the property market.  It highlights the importance of Northern Metropolis development, and improving home ownership, and talent admission
Investors should see-through these and focus on big picture: macro developments, monetary policy, and sector fundamentals.  Pick company with attractive valuation and catalysts: NWD, Link REIT, CICT, COLI, VNET, GDS


Capitaland Integrated Commercial Trust (CICT SP)

China Overseas Land & Investment (688 HK)

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

New World Development

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