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Red tape halts future property development

8 Jun 2012

Property developments in South Africa are being severely hampered by bureaucracy and red tape, prompting at least two major development companies to end their commercial and retail property development plans in this country, according to a report in Business Day.

An angry and frustrated chief executive of Resilient Property Income Fund, Des de Beer, told Business Day that it has taken about six years to get a development off the ground because of the "massive regulation" imposed by local, provincial and national government authorities.

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