Real estate developer denies bankruptcy

Guang Real Estate Group, a top 100 real estate developer in China, refuted a report that said the company has gone bankrupt as it could no longer deliver property as promised, sina.com.cn reported on Wednesday.

A public account on China's Twitter-like Sina Weibo named Lanjing published a post on Tuesday night, claiming that Guang Group is facing bankruptcy after it plunged into financial difficulties.

Reached by sina.com.cn, a representative of the company said the bankruptcy talk is ridiculous, but confessed that the company is facing a cash shortage.

The company also confirmed that some of its housing projects were overdue, but said it is working with homeowners on a solution.