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

NWD 17 HK: FY23 Results Update, to Reset and Transform, and a Beta Play if Rate Expectation Peaks

HK RE Series (1): Picking the Winners for 2024 with Supportive Macro Backdrop & Company Catalysts

HK RE Series (2): Market Is Still Bearish but Bottom Is Near, Few Things Needed for Re-Rating

Short Note: US Rate Pause, China Stimulus, and the HK Rebound

Happy Friday & Strong HK Rebound! What to Chase? China Prop (High Beta) And HK Prop (Value Play)

New World Development(17 HK):High Leverage in HKRE but Likely the First to Rebound if Rate Peaks Out

Short Note: What’s Happening to the Chinese Stocks and China Macro?

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>In this note, we looked at the privatization offer from Chow Tai Fook, and its impact on NWD 17 HK</li>
<li>The proposed transaction will help NWD unlock its value and reduce gearing, which has been investor’s major concern</li>
<li>It is only the beginning of part of strategic review of NWD group.  We view more positive catalysts are coming</li>
</ul>


In this note, we looked at the privatization offer from Chow Tai Fook, and its impact on NWD 17 HK
The proposed transaction will help NWD unlock its value and reduce gearing, which has been investor’s major concern
It is only the beginning of part of strategic review of NWD group.  We view more positive catalysts are coming


Short Note: CTF, Shareholder of NWD 17 HK, Announced Proposed Privatization for NWS, Positive to NWD