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07/31/2004:

"Mbeki's plan for land redistribution angers whites"

The South African government is considering new regulations to limit foreign ownership of property in South Africa, in a move that would directly affect British investors.

The proposed measures, which are still being worked out by the government, are an attempt to deal with soaring property prices caused by rich foreigners buying properties in South Africa, pushing local people out of the market. A large number of Britons, have bought homes in Cape Town, taking advantage of the strong pound against the South African rand.

The main opposition Democratic Alliance yesterday attacked the proposed move on the ground that limiting foreign property ownership would discourage investment.

Full Article : independent.co.uk