January 22, 2005

The South African Property Owners' Association (Sapoa) says its board has voted to assist in the establishment of a property charter, aimed at promoting black economic empowerment in this sector.

"A decision was taken by the Sapoa board to fund the cash flow shortage that the charter is experiencing, until funding support can be obtained from the industry," Sapoa boss Brian Kirchmann said.

"Sapoa, as one of the industry associations involved in the charter, is extremely serious about transformation and meaningful black economic empowerment," he said.

"It is imperative that the process of drafting the property charter continues, as undertakings had been made to produce a draft charter by June 2005, and we will do everything that is necessary to ensure this date is met," said Kirchmann.

The government announced in November last year that, in conjunction with all role players from the industry, a "Property Sector Transformation Charter Committee" had been formed to drive the process.

Technical teams have been established to research the various aspects of the charter and to set targets in each area.

The Institute of Black Property Practitioners, Sapoa, the Women's Property Network, The Estate Agency Affairs Board, the South African Black Technical and Allied Career Organisation, the SA Council of Shopping Centres, the Institute of Estate Agents of SA and the SA Institute of Valuers are all taking part.

Funds have been provided by a select few of these organisations, but these funds are now exhausted.

"Being the voice of commercial property in South Africa since 1966 with a membership of approximately 80% of the commercial property industry, Sapoa unquestionably is committed to the process," said Kirchmann.