|South Africa to Ban Foreign Property Development|
|by Tom McGregor||Thu, Jul 24, 2014, 10:33 PM|
South African politicians have gone native. They are pasing laws that would forbid foreigners from owning land and engaging in property development.
According to the BBC News, "The South African government has announced plans to fast-track a bill barring foreigners from buying land. The Regulations of Land Holdings Bill would mean foreigners will only be able to lease land for 30 years."
South African Minister of Rural Development and Land Reform Gugile Kwinti is quoted as saying that, "We don't have to reinvent the wheel, we will just use the definition of what a foreign national is in the country."
As reported by the BBC, "However it will not allow for the expropriation of land currently owned by people from outside the nation. An estimated 7% of land in South Africa is owned by foreigners. The government hopes that the bill will become law within five years."
Meanwhile, South African members of parliament, dubbed, "Economic Freedom Fighters" are demanding the expopriation of land without compensation from foreign landowners.
To read the entire article from the BBC News, link here:
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