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

Swire Prop 1972 HK: HK Office & China Retail Can Be Double Drag, No Share Buyback & Lack of Catalyst

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

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

<ul>
<li>Aspirational Luxury Wipeout: A macroeconomic squeeze has erased 50m middle-class luxury consumers, devastating mainland turnover rents as megabrands like Gucci and LVMH report plunging sales.</li>
<li>Hong Kong Office Contagion: Swire faces a brutal second front, with Grade A office vacancies hitting 17.5% and flagship portfolios suffering negative rental reversions up to 16% amid financial exoduses.</li>
<li>Dividend Under Threat: With 7.7 bn HKD in fair value losses and sliding recurring profits, reliance on capital recycling masks underlying decay, threatening dividend growth and valuation.</li>
</ul>


Aspirational Luxury Wipeout: A macroeconomic squeeze has erased 50m middle-class luxury consumers, devastating mainland turnover rents as megabrands like Gucci and LVMH report plunging sales.
Hong Kong Office Contagion: Swire faces a brutal second front, with Grade A office vacancies hitting 17.5% and flagship portfolios suffering negative rental reversions up to 16% amid financial exoduses.
Dividend Under Threat: With 7.7 bn HKD in fair value losses and sliding recurring profits, reliance on capital recycling masks underlying decay, threatening dividend growth and valuation.


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

Swire Properties

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