Just as South Africa wakes up to the fact that the residential property bubble has burst and prices are falling, another property sector, the commercial sector, is about to hear the sound of pawpaw hitting the fan.
Like the residential bubble, the mainstream media has all but ignored the fact that the commercial property market was built on easy credit and lax lending standards. As Noseweek details in this months issue, the good times are over and banks are facing massive writeoffs.
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