Ip Man 3 producer faces bankruptcy

Local | Sophie Hui 10 Aug 2018

The main producer of renowned Hong Kong-made kung fu movie Ip Man 3 should declare bankruptcy, a company chasing after the producer's unpaid rent said in a writ filed at the High Court.

The hearing is scheduled for October 3.

Shi Jianxiang is one of 50 fugitives wanted by China's anti-corruption agency.

He was sued by New Castle Investments, which has Victor Li Tzar-kuoi, son of tycoon Li Ka-shing, as a director.

The legal action comes after Shi failed to pay HK$5.85 million worth of rent.

New Castle is the landlord of properties at 22A, B and C on Shouson Hill Road.

The company filed a writ last year, saying Shi had rented the tycoon's old house on Hong Kong Island since February 2015.

The rent for the three villas, with a garden, balcony, three jacuzzis and six parking spaces, was HK$1.95 million a month.

Under the lease agreement, Shi had to pay rent on the first of every month. However, he has failed to pay rent since last September, prompting his landlord to evict him. Shi was also ordered to pay one month's rent of HK$1.95 million and rent for the two-month rent-free period, amounting to HK$3.9 million.

Shi, a Hong Kong identity card and the former chairman of Kuailu Group, is suspected of committing fraud through fund-raising, according to the Central Commission for Disciplinary Inspection.

His name and identity document details are on a wanted list, including 50 fugitives linked to duty-related or economic crimes. The list was compiled in June by officers from the Central Anti-Corruption Coordination Group.

The movie that Shi financed, Ip Man 3, starring Donnie Yen Ji-dan, raked in US$71.5 million (HK$557.7 million) in its first three days.

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