The SA Institute of Black Property Professionals (SAIBPP) says it is working with the Property Charter Council to quantify the degree of transformation in the commercial property industry.

"We do not have statistics on transformation and are currently working with the (Property Charter Council) doing market research to establish the extent of transformation, and we are hoping to get an update within the next three months to all stakeholders of transformation in the property industry," Kgaogelo Mamabolo, SAIBPP president, told I-Net Bridge/BusinessLIVE.

"Our industry is viewed by other economic sectors as one of the slowest yet in transforming, and it is to our detriment as an industry that we cannot even have some indication unless it is anecdotal to give the right view of our progress that has been seen either through listed sector equity stakes or via listed sector reporting."

She acknowledged, however, the listing of Rebosis Property Fund on the JSE and expected listing of Dipula Property Fund this year. These are both black-owned and managed companies. Rebosis owns Hemingways shopping centre and Mdantsane Mall in the Eastern Cape.

The working group comes as the property industry awaits the final singing of the Property Charter by the Department of Trade and Industry, which will give the charter the same status as the legislated broad-based black economic empowerment (B-BBEE) codes of good practice.

The charter, drawn up by industry stakeholders, seeks to cultivate an environment that promotes B-BBEE and brings about meaningful changes in ownership, control, skills development, employment equity, procurement, enterprise development and corporate social investment.

"From our current engagement we hope that the Property Charter may be signed by July," Mamabolo said.

Mamabolo pointed out that access to finance remained a key challenge for potential black property investors due to the tightening of banking criteria.

Source: I-Net Bridge