A Chinese land development firm has signed a deal to manage construction of Egypt's new capital. The firm, China Fortune Land Development, is a real estate company based out of Beijing.
The new capital will be located 28 miles east of Cairo and the project is estimated to cost $45 billion, with China Fortune Land Development managing $20 billion. The capital is being relocated in the interest of decreasing traffic congestion in Cairo which has a population of approximately 10 million. The new capital will span about 270 square miles. China Fortune Land Development's portion of the project consists of homes, offices, and infrastructure. The rest of the project will include large government buildings and a new airport.
Source: ME Construction News
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