Futatsugi: Crimson Dragon isn't so far
In an interview with Eurogamer, the author Yukio Futatsugi has stated: "the game was postponed, so that people are waiting but the project is definitely went ahead" , explaining that Microsoft will announce the date when it will be ready but that the output is not very far away.
Development team there are many members who at the time worked on Panzer Dragon alongside Futatsugi who was the creator, and the Crimson Dragon is a sort of spiritual successor of the old title.
"We are working hard to make sure that nobody can say: the old was better. In this game the design concept of the dragons and environments will be very different. "
"I hope that people will see when they think about how it could have been Panzer Dragon if it had been developed to the present day".
In short, we can only wait and hope soon in the communication of a date output official.