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

What to Do with Hong Kong and China Property Stocks After a Crazy Week? Upcoming Catalysts and Risks

Short Note: China Property – Guangzhou/Shenzhen/Shanghai Loosen the Property Sector – Buy Now!

CR Land 1109 HK: Another SOE Play on China Prop – Dual Growth Engine from DP and IP Mall Business

HK RE Series (4) With Macro Backdrop in US & China, HK Is Positioned for a Strong Rerating, Buy Now!

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>China NPC meeting ended, with new policy mostly focused on debt, causing market disappointment.  We think China has to boost local consumption, as trade may see downside in future</li>
<li>While we like COLI which is a pure residential developer, another leading developer, China Resources Land, which operates retail malls, offers investor additional exposure to consumption recovery in China</li>
<li>Equity placement is a potential risk, however we think there is upside for the stock as long as it trades below HKD35 per share</li>
</ul>


China NPC meeting ended, with new policy mostly focused on debt, causing market disappointment.  We think China has to boost local consumption, as trade may see downside in future
While we like COLI which is a pure residential developer, another leading developer, China Resources Land, which operates retail malls, offers investor additional exposure to consumption recovery in China
Equity placement is a potential risk, however we think there is upside for the stock as long as it trades below HKD35 per share


China Resources Land: A Play on China Retail and Consumption Recovery