A lock assembly includes a housing, a shackle having a pivotal portion, which is disposed in the housing and axially moveable and pivotable, and a free end insertable into a top hole of the housing, and a latch movably disposed in the housing and engagable with the pivotal portion or the free end of the shackle. A key controlled lock unit is disposed in the housing and has a plug rotatable between an unlocked position where the latch can be disengaged from the shackle by a first arm, and a counter can be started by a second arm, and a locked position where the latch is engaged with the shackle.