South Africa Sees State Property Firm as Path to Wealth Fund

South Africa sees the creation of a new state company that will manage its 155-billion-rand ($9.2 billion) property portfolio as a path to a potential sovereign wealth fund.

President Cyril Ramaphosa announced the establishment of the firm, which will oversee 88,000 buildings and 5 million hectares (12.4 million acres) of land, in his state-of-the-nation address last month.