5th September 2024 – (Hong Kong) Physical Fitness, is facing significant financial challenges, allegedly owing HK$3 million in Mandatory Provident Fund (MPF) contributions. Founders Lok Ngai-keung and his wife have reportedly resorted to selling multiple properties in a bid to raise urgent funds.
Market sources indicate that the couple has recently offloaded several units at Manhattan Hill in Lai Chi Kok, cashing in approximately HK$26.85 million from at least three transactions over the past few months. In May, they sold a mid-level two-bedroom unit for HK$8.95 million, followed by another sale in June for HK$9 million. Their most recent sale, also a mid-level unit, fetched HK$8.9 million, bringing their total liquidated assets to HK$26.85 million within just over three months.
Despite these sales, the couple retains ownership of two additional units in the same building, including a high-floor unit currently listed for HK$11 million.
In parallel, concerns have been raised regarding Physical Fitness’s compliance with MPF regulations. Users on social media alerted the public to outstanding MPF contributions for approximately 740 employees, specifically for June and July, totalling around HK$3 million. The MPF Authority confirmed the allegations and stated that two complaints have been filed against the fitness centre. They have urged Physical Fitness to rectify the outstanding payments promptly, warning that legal action may ensue if the debts are not settled
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