70% of land in the New Administrative Capital sold

70% of land in the first phase of the New Administrative Capital (or 17,000 feddans) has been sold, the New Administrative Capital’s spokesperson Khaled El Hosseiny said during a press conference, according to Ahram Online. Most of the developers are Egyptian, Hosseiny said, in an attempt to calm criticisms that major contracts have been granted to the Chinese and government entities. The project is mainly funded through private investment in land sales, he added following a flurry of recent rumors that development of phase one is being funded through the state’s budget.