DTI calls for public comment on property sector BEE codes
The Department of Trade and Industry has invited the public to submit comments on the draft Amended Broad Based Black Economic Empowerment (BBBEE) Property Sector Code, aimed at reversing the legacy of the Native Land Act, 27 of 1913, and subsequent discriminatory policy and legislation.
Comments could be submitted until December 30.
The draft Property Sector Code was applicable to commercial activities in the residential and commercial property industries, as well as the value chain which included property development, property services, property and facility management, broking, valuation, estate agents and other professional services.
Trade and Industry Minister Dr Rob Davies stated that the draft Property Sector Code had set a black ownership target of 27% for property-owning companies.
“This is higher than the 25% target of the Generic Codes. In addition, and in recognition of the fact that there is a need to make capital available in the sector to enable black owned companies to develop and acquire properties, the draft sector code has set a target for established companies to financially support those that are at least 51%-black-owned. The value of the finance to be made available is up to 2% of the total development and redevelopment spent,” he added.
Davies highlighted that another unique feature of the draft Property Sector Code was the introduction of an economic development element, which sought to stimulate property development in underresourced and marginalised areas.
The set target was 10% of all yearly investment for development or redevelopment.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation