SA's mall shakeout

Issue # 116 June, 2009

Tenants can't pay the rent and investors stand to lose their money as the commercial property market implodes. And nowhere have South African banks and investors been more reckless than with their investments in shopping malls.

Today the bankers are wondering how they got it so horribly wrong – and are quietly making contingency plans with their friends at the Reserve Bank. No more.

They face the looming spectre of massive write-offs.

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Reader's comments

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Submitted by : Del on 2009-05-28 17:46:45

Frighteningly these are the same brothers who 'own' Kyalami and are thus in bed with Gauteng Province via its wholly-owned (and highly questionable) Gauteng Province Motorsport Company which lost taxpayers millions in promoting two recent events at the circuit. Be interesting to see what agreements are in place between GP and the 'brothers' and whether taxpayer money is involved. Or will the ANC simply leap to the brothers' rescue?





Submitted by : Chris on 2009-05-29 11:36:25

I have been involved in a court battle with the "Theodooses" for 8 years, they are suing me in my personal capacity for a lease which was canceled and accepted by them. The lease is in a companies name which I did not sign surety for. The costs are now R500k, they never give up because they believe they can beat any small guy. How do these liars and thieves get away with it. The legal firms that represent them should be blacklisted like Robert Levine. These people have brought ruin to many families they should be in jail, chances are they will beat Absa as well.





Submitted by : William on 2009-06-10 23:59:32

Yikes! Next stop New Zea land ???





Submitted by : Scott on 2009-06-13 21:29:43

I can name dozens of amazing small business owners who, with a tiny little bit of funding can do amazing things. It is nigh on IMPOSSIBLE for them to get funding. Up until now, I had always wondered why...

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