Resilient Property Income Fund Ltd. (RES) will stop developing shopping centers in South Africa and will focus instead on projects in Nigeria, Business Day reported, citing Chief Executive Officer Des de Beer.
Bureaucracy and red tape have affected profitability as development of shopping centers in South Africa takes six years, compared with two years in Europe, the Johannesburg-based newspaper cited De Beer as saying.
Redefine Properties Ltd. (RDF) Chief Executive Officer Marc Wainer said his company would look to Australia and Germany for developments rather than Africa, Business Day said.
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