Not so sweet: Candy brothers ready for scaled-back Cannes

Property entrepreneurs the Candy brothers will once again be taking their lavish yacht Candyscape to the Mipim real estate conference in Cannes this week.

However, Candyscape will not be playing host to a huge party, as it did last year. The brothers, like most of the commercial property market, are being more modest as a result of the downturn. Mipim is renowned for its debauchery, though attendance is expected to be down by about 9,000 to 20,000 this year. Nick Candy, who will host a private lunch in a Monaco restaurant, said: "There will be a very different atmosphere this year. The people who do attend will only be serious players."

In previous years, delegates have been treated to dinners in apartments owned by the likes of actor Mel Gibson, while some yachts have been too big for the harbour. There will still be some star names at the event, including Russia's Deputy Prime Minister, Igor Sechin.