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

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

Hong Kong’s Perfect Storm with Double Drag: Shorting SHKP 16 HK as the Ultimate Macro Proxy

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

Turning Bearish: Hang Lung Properties Going Through a Perfect Storm

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

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>Historic Wealth Erasure: The property downturn vaporized 20 trillion RMB in household equity, trapping the middle class in negative equity and severely freezing discretionary spending across consumer tiers.</li>
<li>Broad Demand Deterioration: Surging youth unemployment, widespread wage cuts, and a classic balance sheet recession are neutralizing stimulus efforts and decimating aggregate retail footfall.</li>
<li>The Structural Shift: Plunging turnover rents and rising vacancies leave retail landlords Hang Lung (101 HK) and Longfor (960 HK) structurally vulnerable amid shifting consumption patterns and evaporating luxury demand.</li>
</ul>


Historic Wealth Erasure: The property downturn vaporized 20 trillion RMB in household equity, trapping the middle class in negative equity and severely freezing discretionary spending across consumer tiers.
Broad Demand Deterioration: Surging youth unemployment, widespread wage cuts, and a classic balance sheet recession are neutralizing stimulus efforts and decimating aggregate retail footfall.
The Structural Shift: Plunging turnover rents and rising vacancies leave retail landlords Hang Lung (101 HK) and Longfor (960 HK) structurally vulnerable amid shifting consumption patterns and evaporating luxury demand.


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