South Africa Plans State Firm to Manage $9.8 Billion of Property

South Africa’s government plans to set up a new company to manage its vast property portfolio worth an estimated 155 billion rand ($9.75 billion).

President Cyril Ramaphosa is expected to announce the establishment of the firm, which will oversee about 88,000 buildings and 5 million hectares of land, in his state-of-the-nation address on Thursday, according to people with knowledge of the matter who asked not to be identified discussing a confidential cabinet decision.