Property sector transformation is slow - PSCC
Transformation in certain areas of the property sector was slow, although it was encouraging to see continued efforts, Property Sector Charter Council (PSCC) chairperson Sedise Moseneke said in a statement yesterday.
The PSCC released its 2019 State of Transformation of the Property Sector report yesterday, at its annual summit. “The quality of our engagement with the many participants in the property sector this year has shown a tremendous improvement,” said Moseneke.
The 2019 report shows that the property sector was at Level 5 in terms of its transformation B-BBEE recognition level, dropping from level 4 in the 2018 report. “Although this is not the best performance, it was a reasonable effort, considering the changes in the recognition levels that took effect during the year, and could otherwise have taken the sector to level 6, if no further exertion was put behind this and the new changes of the legislation,” he said.
On the ownership score the industry improved from 16.67 to 17.04 weighting points, a change from 83 to 85 percent. Funding models still needed to be further considered and reviewed, the report noted. In employment equity, there was an improvement from 33 percent in 2018 to a 49 percent against target in the 2019 report.