Property sector might miss transformation target

BBBEE-Act

While the level of occupancy in most of their classes of properties is mostly high, defying depressed economic conditions, the transformation score card of most organisations in the property sector is dismally low. The Public Works Minister, Thulas Nxesi made this observation during the South African Council for Project and Construction Management Professionals Conference.
The Minister said: “There is a mounting sense that the charter councils have been frustrated in their work by non-compliance and non-cooperation and that, in general, the pace of transformation is slow.”
With the current low level of compliance several people there has been a growing consensus that collectively the property sector might not meet the deadline for its charter to be aligned with the trade and industry’s department’s revised Broad Based Black Economic Empowerment (BBEE) generic codes.

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