Media maverick Jimmy Lai Chee-ying is chasing buyers to take over the loss-making direct-marketing venture adMart. Several retail chains in Hong Kong and overseas have been approached by adMart over the sale. Hutchison Whampoa's ParknShop and Dairy Farm's Wellcome were among those approached. However, sources said the substantial losses meant the parties were unenthusiastic. AdMart, launched in June last year, is estimated to have lost about HK$1 billion. The launch of adMart, which sells and delivers discounted groceries, mobile phones, home appliances and office supplies, provoked a wave of price-cutting by rival supermarket chains. Analysts say it forced ParknShop and Wellcome to improve services by providing free delivery services and online shopping. They believe it would difficult for Mr Lai to sell adMart as the direct-marketing business is unlikely to turn around in a short period of time. In November, Mr Lai said adMart lost between HK$50 million and HK$60 million a month. Although losses narrowed this year they were still estimated to be in the range of HK$20 million to HK$30 million a month. The media tycoon has attempted to cut his losses by selling part of adMart's business. In August, adMart sold its 23-shop e-zone arm at an undisclosed price. This was the discount store's unit selling mobile phones and providing communications services.