With Intu Properties' future hanging in the balance, the company, which was originally part of late billionaire Donald Gordon's Liberty International empire, offers a cautionary tale to SA's listed property sector on how the combination of high debt levels and low asset values can spell disaster.Intu, which has been battling with a R100bn debt pile, asked the JSE to suspend its listing last Friday after it went into administration. KPMG has been appointed as administrator.The UK-focused shopping centre owner's troubles are a chill wind for SA, where the listed property sector, carrying large amounts of debt and experiencing weak market fundamentals even before the Covid-19 pandemic, has been particularly hard hit by the lockdown. SA has eased restrictions to lockdown level 3, but listed property stocks and the tenants they rely on have a long road to recovery ahead. Paul Duncan, investment manager at Catalyst Fund Managers Alternative Investments, says although it's "easy w...

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