Commercial property association Sapoa said on Tuesday it would underwrite between R400,000 and R500,000 in consultants' fees for the property charter to ensure production of a draft document on target.

This follows Sapoa's announcement on Monday that it would also pay the shortfall in the property charter process.

The planned charter follows similar efforts in the mining and financial sectors, and is expected to be ready by June this year.

Mohlaleng Strategy and Investment Consultancy, which was previously involved in the financial services charter, has been conducting research for the property charter, which aims to fast-track black economic empowerment in an industry historically dominated by white males.

Groups involved in the process include the Institute of Black Property Practitioners, Sapoa, the Womens Property Network, the Estate Agency Affairs Board, the South African Black Technical and Allied Career Organisation, the South African Council of Shopping Centres, the Institute of Estate Agents of SA and the South African Institute of Valuers.

Business Day