THE South African Property Owners Association (Sapoa) will be giving an update to its members on the status of the proposed property charter at its convention in Cape Town in mid-May.

Late last month it was announced that the historically white commercial property sector was next in line for a charter to fast-track black economic empowerment, as government starts to close the door on potential business partners who have been tardy in transforming themselves.

The proposed charter follows similar efforts in the mining and financial sectors, and is expected to be in place by early next year.

It is likely to have far-reaching consequences in the multibillion-rand industry, affecting everything from listed property companies on the JSE Securities Exchange SA to property developers, estate agents and construction firms.

At the time of last month's announcement, Brian Kirchmann, CEO of Sapoa, said that the Property Council of SA (Procsa) which has a membership of 10 property associations from the residential and commercial sectors including Sapoa had appointed a consultancy to drive the process.

Kirchmann says the "whole industry is coming to the party". He says the consultants have been "very successful in obtaining buy-in from the extended property and construction sector".

"It's still early days but all the sectors of the industry are being invited and thus far there has been a very positive response."

Feb 18 2004 08:02:40:000AM Nick Wilson Business Day 1st Edition