Egypt housing body cancels Palm Hills land contract

Egypt's New Urban Communities Authority (NUCA) has cancelled a land contract for a plot of land of 190 feddans in Sixth of October City for property developer Palm Hills, Reuters has reported. In March, a judicial panel concluded that a sale of land in another Cairo suburb to Palm Hills was illegal because it was priced too cheaply and said it should be scrapped. The firm said plots of land being contested represented less than 7.5% of its total land bank but analysts said it faces mounting debt and liabilities that might cause it to sell some assets.