Cruise Ship News recently reported the following:

Titanic II construction has been set back by 2 years.
Titanic II will now launch in 2018.
Steel cutting has yet to start, part of the reason for delay.
Aviation Industry Corporation of China (AVIC) has signed Memorandum of Understanding with Blue Star Line to promote ship together and help get sponsors in China.

Not mentioned or reported is whether any formal contract has been signed yet with the Chinese shipyard that will build Titanic II. Many are still skeptical about that coming to pass.

Source:Titanic 2 Ship News Reignited In Asia(12 May 2014, Cruise Ship News)