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

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>Yield Illusion: Spring REIT slashed its interim dividend as revenues plunged, trapping investors who expected a safe yield within a mathematically flawed, debt-heavy income vehicle.</li>
<li>Supply Avalanche: A massive influx of Grade-A office supply in Beijing shifted pricing power entirely to tenants, triggering devastating negative rental reversions for the flagship asset.</li>
<li>Leverage Vice: Shrinking property valuations and structurally elevated debt costs are driving the REIT perilously close to strict loan-to-value covenant breaches, accelerating fundamental destruction.</li>
</ul>


Yield Illusion: Spring REIT slashed its interim dividend as revenues plunged, trapping investors who expected a safe yield within a mathematically flawed, debt-heavy income vehicle.
Supply Avalanche: A massive influx of Grade-A office supply in Beijing shifted pricing power entirely to tenants, triggering devastating negative rental reversions for the flagship asset.
Leverage Vice: Shrinking property valuations and structurally elevated debt costs are driving the REIT perilously close to strict loan-to-value covenant breaches, accelerating fundamental destruction.


The Ultimate Value Trap: Shorting Spring REIT Amid Beijing's Office Supply Crisis

Spring Real Estate

The Ultimate Value Trap: Shorting Spring REIT Amid Beijing's Office Supply Crisis