South Africa Struggles to Locate Its Vast Real Estate Holdings [BNN Bloomberg (Canada)]
NEDBANK GROUP LTD S/ADR (NDBKY)
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Source: BNN Bloomberg
While officials records show the state owns about 88,000 buildings and five million hectares of land, which together are estimated to be worth 155 billion rand ($8.7 billion), Public Works and Infrastructure Minister Dean Macpherson said he had little faith in the accuracy of the valuation or that all the assets had been accurately recorded or captured. “I am not happy with, and have very little confidence in, the asset-management register that has been presented to me because a lot of it does not make sense,” he told reporters in Cape Town on Wednesday. “One property is valued at 5 million rand, when I know that should have a 200-million-rand valuation.” The minister, who is a member of the main opposition Democratic Alliance and was appointed to his post in June when a coalition government took office after May 29 elections failed to produce an outright winner, said he and his advisers are still wrestling with how to address the problem. One option is to establish a property ma
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