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

Hysan Dev. 14 HK: Lack of Visible Catalyst with Low Trading Liquidity, Limited Re-Rating Potential

Cap Rate Expansion: Hong Kong Real Estate Valuation Are Collapsing

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>Hysan faces a fatal 2026 earnings cliff. When Lee Gardens Phase 8 completes, 0.69 bn HK dollars of masked capitalised interest will instantly crush the income statement.</li>
<li>A 15.5% office vacancy rate and a 0.6 m sq ft annual supply glut ensure Hysan's 1 m sq ft of new space faces catastrophic leasing headwinds.</li>
<li>Plunging luxury retail sales and mainland China's deceleration have structurally impaired Hysan's Causeway Bay stronghold, stripping away its traditional defence mechanism against office market weakness.</li>
</ul>


Hysan faces a fatal 2026 earnings cliff. When Lee Gardens Phase 8 completes, 0.69 bn HK dollars of masked capitalised interest will instantly crush the income statement.
A 15.5% office vacancy rate and a 0.6 m sq ft annual supply glut ensure Hysan's 1 m sq ft of new space faces catastrophic leasing headwinds.
Plunging luxury retail sales and mainland China's deceleration have structurally impaired Hysan's Causeway Bay stronghold, stripping away its traditional defence mechanism against office market weakness.


Short Hysan (14 HK): The 2026 Earnings Cliff and Causeway Bay's Perfect Storm

Hysan Development

Short Hysan (14 HK): The 2026 Earnings Cliff and Causeway Bay's Perfect Storm