United Front Games still developing the open-world title.
Square Enix has picked up the rights to True Crime: Hong Kong, which was cancelled by publisher Activision back in February.
The game is still being developed at the Vancouver-based studio United Front Games, although Square Enix London Studios will now be overseeing the project.
"When we first saw and got our hands on the game we fell in love with it," Square Enix London Studios general manager Lee Singleton explained to Gamasutra.
Singleton praised the "incredible new game engine, rich new story with deep and complex characters, and gameplay features which have simply never been seen at this level in an open world game"
"It's one of those games where you don't want to put the controller down; it's what we call 'sticky'." he said.
While Square Enix has picked up the game, it hasn't acquired the name. The True Crime IP still belongs to Activision.
"It's too early to say what the name will be." says Singleton. Nor is he "talking about release timings or formats at this time."
He has much confidence in the development team, however: "When we met the team at United Front Games, it was a done deal in our eyes - we instantly recognized the huge potential in the game and the team. UFG is an incredibly talented team, who have individually worked on some of the biggest games in our industry, and this talent shines through from the moment you walk in the door."
"We see this as a fantastic opportunity to create a new and unique franchise which gamers will come to know and love for years to come," he added.
Activision believed that True Crime Hong Kong would have scored 80+ reviews if it had been released. Perhaps it still will.