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Gym Founder Sells Home at 45% Loss Amid Debt Crisis

1/20/2025

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Summary

Story summary

Luk Ngai-keung, the founder of Hong Kong's Physical Fitness gym chain, has faced a tough financial reality, selling a one-bedroom unit in Causeway Bay for HK$7.4 million—45% less than he paid. After his gym's closure in September, he has offloaded three of six properties at steep discounts, grappling with mounting debts and financial strain.

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Story summary

Luk Ngai-keung, the founder of Hong Kong's Physical Fitness gym chain, has faced a tough financial reality, selling a one-bedroom unit in Causeway Bay for HK$7.4 million—45% less than he paid. After his gym's closure in September, he has offloaded three of six properties at steep discounts, grappling with mounting debts and financial strain.