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Amended Property Sector Code gazetted The Amended Property Sector Code has been gazetted, making it legally binding to entities and organisations operating in the property sector, Trade and Industry Minister Dr Rob Davies said in a statement released at the weekend.
addition, and in recognition of the fact that there is a need to make capital available in the sector to enable black owned companies to develop and acquire properties, the amended sector code has louis vuitton neverfull xl set a target for established companies to financially support those that louis vuitton agenda nederland are louis vuitton bags neiman marcus at least 51% black owned. The value of the finance to be made available is up to 2% of the total development or redevelopment spent, Davies said.
Further, the codes stimulates contribution to louis vuitton purses burned development and investment in marginalised areas of South Africa, with the introduction of a measurement indicator called Economic Development, which aims to bolster property development in under resourced and marginalised areas, while in the process addressing inequalities and creating wealth among previously disadvantaged groups.The set target is 10% of all yearly investment for development or redevelopment.Lastly, Davies highlighted that while the main focus of the Amended Property Sector Code was not land reformation in South Africa, it was expected to contribute towards reversing the legacy of the Native Land Act and subsequent discriminatory policy and legislation which denied black people access to productive land and property.
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