You would be hard-pressed to find anyone who would disagree that 2018 was the listed property sector’s annus horribilis. After a decade of strong average annual total returns of about 15%, the sector came crashing down with its worst performance in more than two decades in 2018. The FTSE/JSE SA listed property index ended up losing 25.26% based on share price declines and dividends. While most of this was due to the scandal that engulfed the Resilient stable of companies, which collectively lost more than R100bn in 2018 after a sudden sell-off of shares, a depressed economy and a woeful retail environment also dragged down most of the JSE’s property counters. While the Financial Sector Conduct Authority has cleared the Resilient stable of allegations of insider trading, other investigations are continuing. Once they are resolved, investor confidence should improve.  Even so, with economic growth sitting at an uninspiring 0.8% for 2018, and retailers delivering disappointing resu...

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