This research provides an investigation into the impact of Broad-Based Black Economic Empowerment (BBBEE) on the risk and returns of listed and delisted property companies on the Johannesburg stock Exchange. The study was investigated to understand the impact of BEE Property Sector Charter and effect of government intervention on property listed markets.The study examines the performance trends of the listed and delisted property companies on the Johannesburg Stock Exchange from January 2006 to January 2012. The data was obtained on McGregor to compute the risk and return measures of the listed and delisted property companies. The study employs a capital asset pricing model (CAPM) to derive the alpha (outperformance) and beta (risk) to examine the trend amongst the BEE and Non-BEE companies, Sharpe ratio was also employed as a measurement of performance. A comparative study is employed to analyse the risks and returns between listed property companies that are BBBEE compliant and BBBEE non-compliant. The study creates a dummy variable to rank BBBEE ratings to test whether there is a correspondence between BBBEE levels of the listed and delisted property company and its risks and returns. Results show that there exists differences in returns and risk between BBBEE compliant firms and non- BBBEE compliant firms. The study shows that non-BBBEE firms have higher returns that BBBEE firms and are less riskier than BBBEE firms. By establishing this relationship, this possibly affects the investor’s decision to invest in BBBEE companies versus non- BEE companies. This can assist the government in strategically adjusting the policy.