Is there a bad ending in Shenmue II?

In Shenmue, there’s a bad ending if you don’t finish the game before a certain date.
The booklet of Shenmue II (from the Dreamcast PAL version, page 26) says:
Overall Time Limit
Time will pass, even when you are not doing anything.
The game starts on a cold winter’s day.There is no need to rush your way through the game, take your time and admire the scenery if you wish, however, you are expected to reach your goal before the summer comes around.
Enjoy the world of "Shenmue II" …
So I’m "expected to reach [my] goal before the summer comes around". But what happens if I take longer than that? Is there also a bad ending in Shenmue II?
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Does Shenmue 2 have a time limit?
You start the game in early December and you have until April 15th (in game) to complete it. If you just focus on the story, you can be done before January, and that is without rushing it.Does Shenmue have multiple endings?
Shenmue - It's an ending, that's good enough But did you know that Shenmue has an alternate, 'Bad' ending? That you actually get to see Lan Di again in the first game after that intro and dream sequence?How do you make time go faster in Shenmue?
The quickest way, though, is to open your menu and select the watch. Staring at it passes time a little faster, at least according to Eurogamer. It certainly gives the illusion of passing the time ever so slightly but it isn't clear if this is true.Is Shenmue Chinese or Japanese?
Sega released Shenmue on December 29, 1999 in Japan, November 8, 2000 in North America, and December 1, 2000 in Europe.Shenmue I Mod: The REAL Bad Ending [#ShenmueSaved; @ShenmueLegacy]
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Images: Karolina Grabowska, Andrea Piacquadio, Alex Green, Anete Lusina