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 Rate Hike and Capital Flow: 5 Conviction Trades in Asian Real Estate

HK Property Arbitrage: Unlocking Henderson Land's Hidden Northern Metropolis Goldmine

CK Asset: The Ultimate Yield & M&A Call Option Shielded From Rate Hikes

Seeking Stability and Certainty in a World of Chaos: Link REIT

Link REIT: Building a Diversified Asia Pac Portfolio and a Solid REIT Play in the Rate Cut Cycle

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

Turning Bearish: Hang Lung Properties Going Through a Perfect Storm

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>The Shenzhen Exodus: Hong Kong's retail moat is dead. Weekend mainland visits hit 530,000, vaporizing Link's localized consumption base and driving severe negative rental reversions across its portfolio.</li>
<li>Valuation Freefall &amp; Cap Rate Crisis: The Greater China property collapse continues. Expanding cap rates have incinerated asset values, pushing net gearing to a dangerous 23.9% as property valuations bleed.</li>
<li>Yield Trap in a "Higher for Longer" Era: With US rates stuck, Link’s dividend yield spread offers zero compensation for structural decay. HK$200M cost-cut target cannot stop the NPI hemorrhage.</li>
</ul>


The Shenzhen Exodus: Hong Kong's retail moat is dead. Weekend mainland visits hit 530,000, vaporizing Link's localized consumption base and driving severe negative rental reversions across its portfolio.
Valuation Freefall &amp; Cap Rate Crisis: The Greater China property collapse continues. Expanding cap rates have incinerated asset values, pushing net gearing to a dangerous 23.9% as property valuations bleed.
Yield Trap in a "Higher for Longer" Era: With US rates stuck, Link’s dividend yield spread offers zero compensation for structural decay. HK$200M cost-cut target cannot stop the NPI hemorrhage.


The Suburban Mirage: Short Link REIT (0823.HK) As Shenzhen Leakage Triggers Structural Collapse