Progress in unravelling the scandal that led to the collapse of share prices of companies in the Resilient group has not been fast enough to restore confidence in listed property, fund managers say. Only a speedy finalisation of the various investigations will herald a recovery in the sector, which in 2018 had its biggest decline on the JSE in more than two decades. While the sector has returned about 5.8% in 2019, it is only half the 11.6% delivered by the all share index. While a weak domestic economy played a role in the sector’s underperformance in 2018, Resilient’s woes, which caused about R100bn to be shaved off the group of companies’ combined value, infected the sector, prompting some of the country’s biggest fund managers to demand a forensic investigation. More evidence that regulators are making some progress emerged on Monday when Nepi Rockcastle, the East European mall owner, said the Financial Sector Conduct Authority (FSCA) found no evidence of  false and mislead...

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