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

Mapletree Logistics Trust - Navigating trade tensions

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

Mapletree Logistics Trust / Equity Bottom-Up

<ul>
<li>The US-China decoupling is resulting in geo-political risks, causing structural changes to China’s manufacturing and logistics sector.  Companies re-locate their supply chains due to “China Plus One” strategy. </li>
<li>Despite E-commerce remains as a long-term strong driver for China logistics, the sector is facing severe over-supply in the near term.  National vacancy is 20.3% at Q1 2025</li>
<li>We recommend SHORT MapleTree Logistics Trust, due to its significant exposure to China logistics.  DPU, NPI and ROE are on downward trend</li>
</ul>


The US-China decoupling is resulting in geo-political risks, causing structural changes to China’s manufacturing and logistics sector.  Companies re-locate their supply chains due to “China Plus One” strategy. 
Despite E-commerce remains as a long-term strong driver for China logistics, the sector is facing severe over-supply in the near term.  National vacancy is 20.3% at Q1 2025
We recommend SHORT MapleTree Logistics Trust, due to its significant exposure to China logistics.  DPU, NPI and ROE are on downward trend


US-China Decoupling: The Reshaping of Asian Industrial Logistics  - SHORT MapleTree Logistics Trust