Well, they are sitting with a double whammy. Their SA portfolio is geared towards middle and low income earners, outside of major cities. So quality stock, considering the base they traded off. But Mr Price' results should have fired a warning shot across the bow's - all is not well in the South Africa consumer space - especially in that LSM range (did we even need MPC to confirm this?). So SA property companies are heavily dependent on retail spend, because they make money off a turnover tax. Reduced spend = reduced income. Now comes the second part - their offshore investments are also taking a hit, in rand terms, because of rand strengthening. Couple this with a bet on their side that the rand was going the other way (they announced that they had hedged their foreign portfolio) - and it doesn't take a rocket scientist to figure out which way the share price is going to go.
@Brainware - I am a big listed property fan. They have the perfect business model, in my opinion. I don't like Resilient, to be honest. I don't need to buy into a local fund to get exposure to international funds. I prefer to do my own portfolio spread. S