It’s an old cliché that if you owe a bank R1m, you’re in trouble; but if you owe plenty of billions and your weakness spells trouble for the entire property sector, it’s the banks who are in trouble. By this logic, there must be some very nervous bankers in town, considering that the Resilient Property Group, whose share prices have nearly halved in the past eight weeks, owes SA’s banks more than R20bn. It’s been a grim few weeks for Des de Beer, who founded the company in 2002. Resilient owns many second-tier shopping centres such as the Jabulani Mall in Soweto, properties in far-flung places like Romania as well as a healthy chunk of SA’s industrial real estate. This year, however, Resilient’s stock has plunged 59%. In addition, that of Fortress "B" has fallen 61%, Nepi Rockcastle’s has shed 45% and Greenbay’s is down 50%. The sharp sell-off is due partly to concerns over a labyrinthine cross-shareholding structure that critics say has masked the true values of the companies: Resi...

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