Malema is already starting his next racist campaign: this time against South Africa's Asian minority.
One obvious objection is that unlike the world in the 19th and early 20th centuries, most people aren't farmers. Reparations may and often do go to already-rich people.
Exactly, it's not like the poor blacks living in urban Johannesburg are suddenly going to decide to move to the countryside en masse and become small farmers. If South Africa wants to become a modern developed society then its future is not in farming.