Tuesday, June 06, 2006

Government the biggest property investment company

The government has now become the biggest property investment company in the country as the Public Investment Corporation – an arm of the National Treasury – already has 600 billion rands worth of assets under management. A billion rand of this is invested in rural and township shopping centres around the country. The chief executive of the corporation, Brian Molefe, told a media briefing at parliament that government-owned shopping centres span the country from Garankuwa and Shoshanguve to Mitchell’s Plain and Empangeni. He said another billion rand is going to be invested similarly in the next three years.

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