The growing pool of JSE-listed property stocks that generate 100% of their earnings offshore — around 20 at last count — is likely to continue to lure most of the flow of money into the sector in the short term, given SA’s dismal growth outlook. However, since the rand’s movement against major currencies has become so unpredictable it would be foolish to place all your eggs in one basket. Remember last year, when those who bet against the rand got it horribly wrong? A number of rand hedge stocks ended 2016 more than 30% down. Besides, there are still some SA-focused property counters that are delivering dividend growth well ahead of inflation and are backed by astute management teams that are expanding their SA footprints offshore in a defensive bid to counter the SA downturn. Hyprop Investments is one of them. Close to 80% of the company’s portfolio is still SA-based. These include a number of shopping centres, such as Rosebank Mall, Hyde Park Corner and Clearwater Mall in Johannes...

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