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

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

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

COLI (688 HK): The Best Beta Play for China

COLI 688 HK – Value Emerging, the Only Pure Play in China Prop to Gain Mkt Share and Back to Growth

Pair Trade: Shorting Peak HK Optimism SHKP 16HK to LONG China’s Real Estate Capitulation COLI 688HK

RE Stock Implications from Fed's Rate Cut and HK PA: Focus on Big Picture, Macro and Sector Drivers

Quick Note: The US Easing Trade: Buy Asia Leveraged Developers and REITs, NWD, COLI, SHKP, Link REIT

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

China Overseas Land & Investment / Equity Bottom-Up

China Overseas Land & Investment (688 HK)

<ul>
<li>State-Owned developers are seizing market share. COLI sales surged 13.9% yoy, while Longfor collapsed 52.1%, permanently shifting industry dominance.</li>
<li>COLI accesses unprecedented liquidity, issuing bonds below the prime rate, while Longfor faces critical refinancing risks and relies heavily on pledged commercial assets.</li>
<li>This pair trade captures the inevitable valuation gap expansion, fully immune to sector volatility, as zero-bankruptcy-risk state entities permanently outprice distressed private operators.</li>
</ul>


State-Owned developers are seizing market share. COLI sales surged 13.9% yoy, while Longfor collapsed 52.1%, permanently shifting industry dominance.
COLI accesses unprecedented liquidity, issuing bonds below the prime rate, while Longfor faces critical refinancing risks and relies heavily on pledged commercial assets.
This pair trade captures the inevitable valuation gap expansion, fully immune to sector volatility, as zero-bankruptcy-risk state entities permanently outprice distressed private operators.


Ultimate Real Estate Arbitrage: Capturing the Sovereign Premium Through LONG COLI / SHORT LONGFOR