By James Anyanzwa
The Capital Markets Authority (CMA) has stepped up efforts towards establishing a friendly regulatory policy framework to support real estate investments.
This follows the introduction of a two-week engagement sessions with key stakeholders with a view of incorporating their input on the proposed regulations.
In a statement Friday, the CMA said the consultation has kicked off with hopes of concluding the proposed regulatory framework by December.
The key stakeholders have been drawn from the public and private sector.
They include office of the Deputy Prime Minister and Ministry of Finance, Ministry of Housing, Ministry of Planning and National Development, Ministry of Nairobi Metropolitan Development, Ministry of Lands and the Vision 2030 Delivery Secretariat.
Others include players in the real estate sector, including developers, fund managers, property managers and legal experts, the Nairobi Securities Exchange, Central Depository and Settlement Corporation and other capital market intermediaries.
Stella Kilonzo, the CMA Chief Executive emphasized the need for in-depth consultations to ensure the proposed guidelines meet the diverse market needs from public policy and commercial viability perspectives.
Ms Kilonzo said the stakeholder engagement sessions are being undertaken with the support of a consultant, Kerry Adby of the International Securities Consultants.
"In a number of jurisdictions, real estate funding products have taken the form of REITS and the success of this structure informed the development of the 2009 draft Capital Markets (Real Estate Investment Trust) Regulations," said Kilonzo.
Bourse trading
Meanwhile trading at the Nairobi Stock Exchange (NSE) on Thursday was marked by further gains with 26 counters recording gains, 14 declining and 18 remaining flat.
Investors reacted positively to KenGen’s 46.9 per cent rise in pre-tax profit the period ended June driving up the price by 8.11 per cent to Sh10, ignoring the 36.9 per cent decline in Earnings per shares.
Safaricom and Equity bank were the day’s biggest movers.
Safaricom was unchanged at Sh3.05 on 63.8million shares, accounting for 48 per cent of volumes. Kenya Airways inched 1.12 per cent higher to Sh22.5 after reporting improved operating numbers for the second quarter of the 2012 financial year.
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The airline is expected to report its half-year results next week.
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