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

The 20 Trillion RMB Property Wealth Erosion and Its Impact on China's Structural Retail Slowdown

Anatomy of an Implosion: Recourse Traps, Capital Destruction & The Longfor Short

The Swire Short: Profiting from the Dual Collapse of China Luxury and HK Offices

The Accountability Era: Shimao's Fall Signals an SOE Monopoly—BUY COLI

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

Ultimate Real Estate Arbitrage: Capturing the Sovereign Premium Through LONG COLI / SHORT LONGFOR

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

China Real estate / Thematic (Sector/Industry)

<ul>
<li>The Paradigm Shift: Evergrande’s liquidation permanently destroys the debt-fueled development model, initiating a structural transition into a classic balance sheet recession and altering global macroeconomics.</li>
<li>Sector Bifurcation: The market dictates a terminal divergence, heavily favoring state-owned developers with premium land banks while privately-owned enterprises face irreversible liquidity traps and structural shrinkage.</li>
<li>Valuation Re-rating: Equity frameworks must permanently abandon net asset value models, transitioning to utility-based pricing that prioritizes operational cash flow, balance sheet solvency, and recurring yields.</li>
</ul>


The Paradigm Shift: Evergrande’s liquidation permanently destroys the debt-fueled development model, initiating a structural transition into a classic balance sheet recession and altering global macroeconomics.
Sector Bifurcation: The market dictates a terminal divergence, heavily favoring state-owned developers with premium land banks while privately-owned enterprises face irreversible liquidity traps and structural shrinkage.
Valuation Re-rating: Equity frameworks must permanently abandon net asset value models, transitioning to utility-based pricing that prioritizes operational cash flow, balance sheet solvency, and recurring yields.


China Overseas Land & Investment (688 HK)

Terminal Deflation: Evergrande's Collapse and the Structural Reset of Chinese Real Estate