Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

South African Real Estate Stocks Plummet: Johannesburg Mover

May 31 (Bloomberg) -- Growthpoint Properties Ltd. and Redefine Properties Ltd., fell the most in several years in Johannesburg as foreign investors extended the biggest selloff in South African bonds since 2011 to property stocks.

Growthpoint slumped as much as 8.4 percent, the steepest intraday decline since December 2008, and traded 6.6 percent lower at 24.1 rand by 3:27 p.m. local time. About 12.4 million shares traded, more than twice the three-month daily average.

South African bonds are posting the world’s worst returns this month while the rand’s slide to a four-year low against the dollar yesterday as President Jacob Zuma failed to reassure investors that the government is doing enough to stop labor unrest that is curbing growth in the Africa’s biggest economy.

Growthpoint’s “stock is very liquid and is the first in line to take a hit in the selloff by foreigners,” said Geoff Noble, a portfolio manager at Grindrod Asset Management (Pty) Ltd., in a phone interview from Durban. “Growthpoint, the poster boy of South African property stocks, has the biggest share of foreign investors.”

Redefine Properties Ltd., the country’s second-largest real estate company was trading 6.4 percent lower to 9.25 rand. Hyprop Investments Ltd. slid 7.6 percent, the most since April 2011.

Zuma yesterday dispatched his deputy and three other cabinet members to intervene in the feud between the National Union of Mineworkers and the Association of Mineworkers and Construction Union.

To contact the reporter on this story: Kamlesh Bhuckory in Johannesburg at

To contact the editor responsible for this story: Antony Sguazzin at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.