Many conservative SA and global investors squirrelled away their savings in property shares in recent years to earn an attractive, growing income. This bubble has burst over the past few months and the value of even the highest-quality property companies has plunged.

The steep share price drops of counters such as Growthpoint, Redefine, Resilient, Nepi Rockcastle, Vukile, Attacq and Hyprop follow the already steep falls across the board in 2019. These shares are now trading at 40%-80% discounts to their respective book net asset values...

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