Caught between a rock and a hard place, that's where (white) land owners are. 

On the one hand, he is right - the beneficiaries of apartheid are also the landowners today, through inheritances, trusts and opportunities unavailable to the majority of the black population. 

That The State is the largest landowner already is irrelevant. add to that the tribal trust lands, which probably pushes the % to near 60. Add present black-owned land to that, and land ownership, other than white, is clearly the largest by far. 

On the other hand, it's the perception that counts, and the fact that the easiest political route is to threaten the status quo with nationalisation.

No black politician will start the process to disenfranchise the chiefs and entitle the occupiers of trust land. It's an obvious solution to the land issue, but will mean political suicide.
 
Another solution is to provide just land, and let people build their own dwellings, but this blunts the patronage tool....