The South African property industry intends to achieve a 25% BEE target within five years, thereby giving companies in the sector a significant black empowerment component. All the major players in the industry have agreed to be bound by it, and although not enforceable by law it would be binding on those who want to do business with the government.
The charter also intends to give points to property developers who invest in neglected and high-risk areas. Small, medium and micro enterprises will be exempted from property charter targets and scorecards. All signatories will be required to put 10% of their annual development investments in underdeveloped areas as this would encourage the development of shopping centres, industrial parks and office parks there.
The website http://www.propertycharter.co.za/Home/tabid/35/Default.aspx www.propertycharter.co.za explains the Property Transformation Charter Process Roadmap, has a number of relevant documents such as the Property Charter Draft, and hosts a number of discussions about:
- Ownership & control of property and property companies;
- Employment equity & skills development in the property industry;
- Procurement of all goods and services in the industry;
- Enterprise development in the industry; and
- Corporate social investment in the industry.