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

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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 / Thematic (Sector/Industry)

<ul>
<li>In this insight we reviewed what’s happened recently in China and caused the sentiment in the equity market to further deteriorate</li>
<li>Despite corporate deliver solid earnings growth in Q1, sentiment is weak and market concern is on LT fundamental headwinds such as economic growth, LGFV debt, property downturn and unemployment</li>
<li>Some sectors are trading at historical low valuation (property trading at 0.1 – 0.2x P/B), part of the risk is priced in.</li>
</ul>


In this insight we reviewed what’s happened recently in China and caused the sentiment in the equity market to further deteriorate
Despite corporate deliver solid earnings growth in Q1, sentiment is weak and market concern is on LT fundamental headwinds such as economic growth, LGFV debt, property downturn and unemployment
Some sectors are trading at historical low valuation (property trading at 0.1 – 0.2x P/B), part of the risk is priced in.


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