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

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

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

China Property: Latest View After Interim Result, Government Policy and the Stock Market Rebound

Short Note: China Prop FY22 Results, Physical Market Uneven Recovery and Sunac’s Trading Resumption

Short Note: LONG China on Monetary Easing Cycle

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

China Real estate management and development / Thematic (Sector/Industry)

<ul>
<li>Property agents say more government support is needed.  But historically timing and scale of policy is hard to predict</li>
<li>POEs are still under pressure with bond default.  Latest case is KWG missing debt payment and potential cross default</li>
<li>Sector's valuation is almost at all time low and big part of risk is priced in.  But stocks can stay cheap forever.  Monitor the HY bond market as key indicator.</li>
</ul>


Property agents say more government support is needed.  But historically timing and scale of policy is hard to predict
POEs are still under pressure with bond default.  Latest case is KWG missing debt payment and potential cross default
Sector's valuation is almost at all time low and big part of risk is priced in.  But stocks can stay cheap forever.  Monitor the HY bond market as key indicator.


China Overseas Land & Investment (688 HK)

Short Note: China Prop - When Is a Good Time to Revisit the Sector? Still No Light at the Tunnel