Tsang Jialian

Numerous people celebrating the New Year in coastal Guangdong were treated to a mirage on the third day of the holidays.

Another tycoon who made billions in Hong Kong is pulling up stakes, unhappy with the direction in which the city is heading.

By the deadline on Aug. 16 for bids for the purchase of ParknShop, one of Hong Kong’s two largest grocery chains, eight local or foreign financial groups had submitted letters of intent, but the highest bid did not reach the asking price of US$4 billion.

Numerous people celebrating the New Year in coastal Guangdong were treated to a mirage on the third day of the holidays.

Another tycoon who made billions in Hong Kong is pulling up stakes, unhappy with the direction in which the city is heading.

By the deadline on Aug. 16 for bids for the purchase of ParknShop, one of Hong Kong’s two largest grocery chains, eight local or foreign financial groups had submitted letters of intent, but the highest bid did not reach the asking price of US$4 billion.