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

Wharf REIC 1997HK: Should We Bet on HK Luxury Retail? Lack of Catalyst & Weak Chinese Spending Power

Short Wharf REIC: Structural De-Rating and Weakened Luxury Consumption

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

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

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

Wharf Real Estate Investment Company / Equity Bottom-Up

Wharf Real Estate Investment Company (1997 HK)

<ul>
<li>Structural retail decay from Shenzhen consumption leakage makes Hong Kong commercial property a prime macro short opportunity.</li>
<li>Wharf REIC offers an institutional-grade, highly liquid vehicle with cheap borrow rates to short this trend safely.</li>
<li>While PBOC stimulus poses tactical risks, expanding cap rates and permanent shifts in consumer behaviour ensure long-term valuation overhangs.</li>
</ul>


Structural retail decay from Shenzhen consumption leakage makes Hong Kong commercial property a prime macro short opportunity.
Wharf REIC offers an institutional-grade, highly liquid vehicle with cheap borrow rates to short this trend safely.
While PBOC stimulus poses tactical risks, expanding cap rates and permanent shifts in consumer behaviour ensure long-term valuation overhangs.


The Great Hong Kong Retail Short Wharf REIC 1997 HK: Capitalizing on Structural Decline