A former senior manager of Centaline Property Agency has admitted cheating two people out of HK$1.72 million by luring them into real estate investments through internal subscriptions. Kwok Yuk-ching, 47, pleaded guilty to four counts of fraud before Judge Andrew Chan Hing-wai in the District Court yesterday. The offences happened between June 1, 2005 and July 3, 2007. Kwok worked at Centaline's Sunshine City branch before he resigned on December 5, 2006. One of the victims was his former colleague, Lam Kwok-fu, who lost HK$560,000. Before his resignation, Kwok had asked Mr Lam if he was interested in buying a flat at Sausalito - a residential development by Cheung Kong (Holdings) in Ma On Shan - through internal subscription in June 2005, the court heard. Kwok suggested to him that each of them contribute HK$250,000. Mr Lam transferred the money to Kwok's personal account. To make the scam look real, Kwok showed him a cashier's order for HK$500,000. Prosecuting barrister Michael Leung said that in February 2006, Kwok repeatedly asked Mr Lam to invest in another Sausalito flat using HK$350,000. Mr Lam agreed. Seven months later, Kwok claimed that another HK$60,000 was required to buy through internal subscription. He later repaid Mr Lam HK$100,000 after the scam was exposed. The second victim, Lau Lai-wah, was a former client of Kwok who was cheated out of HK1.16 million. Kwok told Ms Lau in April 2006 that Sausalito's developer was Sun Hung Kai Real Estate Agency and it was inviting internal subscriptions. He claimed a 20 per cent discount would be offered. Ms Lau transferred the money to his personal account. Kwok was arrested in March after returning from the mainland. Sentencing was adjourned to today.