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Earlier in the year, it was announced that True Crime: Hong Kong was cancelled due to Activision wanting to focus on other projects and future experiences. Today, Square Enix announced that they have acquired the rights to the game and intend to publish it.
In an exclusive interview with Gamasutra, Lee Singleton, the general manager of Square Enix London Studios, stated that:

When we first saw and got our hands on the game we fell in love with it...It's one of those games where you don't want to put the controller down; it's what we call 'sticky'


While they have the game, they don't have the True Crime IP, which means it could arrive under a different name, but it will still be the same game. Lee stated that it is too early to say what the new title is. Square Enix didn't comment on a release date or window, but given how the game was originally looking, it could prove that it is worth the exteneded wait.
 

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