The National Treasury revealed that the South African Post Office’s (SAPO) financial position continued deteriorating this year. On 9 February 2023, the SAPO was placed in provisional liquidation following a successful application by a group of creditors. The provisional liquidation resulted from SAPO’s inability to pay its debts to creditors to continue operations. Cabinet approved that the Post Office be placed under voluntary business rescue based on the DCDT’s business continuity report. A business rescue specialist has been appointed and has commenced work with the Post Office. The business rescue option is primarily premised on supporting it to implement the

There is still no respite for commercial property landlords as one of South Africa’s Real estate investment trusts, Rebosis Property Fund, which owns Baywest Mall in Gqeberha and East London’s Hemingways Mall, went into business rescue. In a Sens announcement on Friday, Rebosis cited rising interest rates and late rental payments from Tenants as one of the main reasons for applying for the protection. The JSE further granted the company its approval for the suspension of trading in its ordinary shares and A-ordinary shares with immediate effect. Rebosis, which was founded by property magnate Sisa Ngebulana, has been struggling for

The commercial property market has seen a marginal decrease in the number of commercial tenants in good standing in the first quarter of 2022 compared to the previous quarter. This is according to TPN Credit Bureau’s Commercial Rental Monitor for Q1. Tenants in good standing are those that have paid their rental in full and on time at the end of each month.   Source: www.pexels.com Muted demand for commercial property is mirrored in business confidence levels which have remained below the neutral 50-mark in both the first and second quarters of 2022, according to the RMB/BMR Business Confidence Index.

The South African residential property market sector is in a rut but is poised for a gradual recovery. According to the Q1 ‘24 oobarometer, the higher for longer interest rate environment has impacted ooba Home Loan’s application volumes for the quarter. “However, resilient South Africans will likely be rewarded by predicted rate cuts towards the end of 2024,” said Rhys Dyer, CEO of the ooba Group. “In Q1 ‘24, the volume of home loan applications processed were down by 9% from Q1 ‘23 and down 25% from Q1 ‘22.” “However, we saw an 8% increase in application volumes in Q1 ‘24

Woolworths’s operations in South Africa, Australia, and New Zealand have been hit by weak consumer finances, and the group expects a massive drop in profits. In its latest trading update for the 53 weeks ending 30 June 2024 (FY24), the group said that its results were not directly comparable to the prior year as it disposed of its David Jones operations during the 2023 financial year. There was also an additional week in the FY24 reporting period. Group turnover and concession sales from continuing operations for FY24 grew by 6.2% and 5.6%, respectively, on a constant currency basis. This came