PHOTO: SUPPLIED Jim Janse, chief executive of The Property Crowd admitts the company does not yet have permission to run a secondary market for shares it hopes to issue to investors.
The Financial Markets Authority is “engaging” with a residential property investment crowd-sourcing company which launched a share offer before it had permission to run a secondary market on which the shares could be bought and sold.
Founded by Jim Janse, The Property Crowd plans to set up companies to buy individual houses, and then sell shares in those companies to people who want a stake in the housing market, but cannot afford a house of their own.
The idea was that investors could get their money out again by selling their shares on a secondary market operated by The Property Crowd.
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