Property companies defend listing stand, CITYPRESS.CO.ZA

Citypress.co.za – City Press

JSE-listed black-owned property companies have defended their decision to list on the stock market after an emerging property investor warned that the listings were eroding black ownership in the commercial property industry instead of taking it a step higher.

Monde Mbeta, a director of property development and management firm E-Bongo Property Holdings, said the listings have led to the reduction or heavy dilution of black shareholdings in black-owned property companies, which some have listed on the back of leasing offices to government departments and state-owned enterprises.