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

Sino Land (83 HK) – a HK/CN Developer with Net Cash, but No Catalysts.  Likely Remain as Value Trap

Short Note: US Rate Pause, China Stimulus, and the HK Rebound

Happy Friday & Strong HK Rebound! What to Chase? China Prop (High Beta) And HK Prop (Value Play)

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>Asymmetric Trade Setup: Initiate a tactical long in Sino Land (0083.HK) before the October 29, 2026 ex-dividend date to capture VWAP-anchored price stability driven by the sponsor's structural scrip election.</li>
<li>Float Compression Catalyst: Tsim Sha Tsui Properties consistently elects scrip on its 58.11% stake, locking up massive equity, tightening public float liquidity, and engineering a highly predictable price support floor.</li>
<li>Fortress Balance Sheet: Unlike highly levered peers, Sino Land boasts HKD 59.07 bn in cash, providing an impenetrable macroeconomic shield that virtually eliminates downside credit and refinancing risks.</li>
</ul>


Asymmetric Trade Setup: Initiate a tactical long in Sino Land (0083.HK) before the October 29, 2026 ex-dividend date to capture VWAP-anchored price stability driven by the sponsor's structural scrip election.
Float Compression Catalyst: Tsim Sha Tsui Properties consistently elects scrip on its 58.11% stake, locking up massive equity, tightening public float liquidity, and engineering a highly predictable price support floor.
Fortress Balance Sheet: Unlike highly levered peers, Sino Land boasts HKD 59.07 bn in cash, providing an impenetrable macroeconomic shield that virtually eliminates downside credit and refinancing risks.


The Sino Land (0083.HK) Float-Lock Arbitrage: Monetizing the Scrip Dividend VWAP Anomaly