Zendai Property denies land payment problems

Shanghai Zendai Property (0755.HK) denied reports on Tuesday that the company failed to meet the deadline for the final payment installment of US$682 million for a tract of real estate near Shanghai’s Bund area, state media reported. "According to our current capital flow, we are capable of paying the money on time," said Wang Fujie, a spokesman for Zendai Property. Local media reported on Tuesday that the Shanghai government may have to take back the land and Zendai and its three partners may be forced to forfeit the US$66 million they paid in deposits. But the developer  claims that the actual deadline for the final installment is November 14. Zendai acquired the iconic Bund site in February after submitting a bid of US$1.3 billion – or about US$5,000 per square meter – which was a national record at the time.