South Africa: Listed Property Takes a Knock

IN SPITE of double-digit distribution growth, the South African listed property sector has lost 24% of its value since November .
This almost equals its record fall of 25% from May to July 2006, when SA suffered its first interest rate hike after three years of significant cuts.
Len van Niekerk, head of quoted property at Old Mutual Investment Group SA, said he believed the fall in unit prices was due to a combination of illiquidity in the listed property sector and "increasing risk aversion globally".
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