Alset Inc., through its subsidiaries, engages in the development of EHome communities and other real estate, financial services, digital transformation technologies, biohealth activities, and consumer products with operations in the United States, Singapore, Hong Kong, Australia, and South Korea.
The company manages its three principal businesses primarily through its 85.4% owned subsidiary, Alset International Limited (Alset International), a public company traded on the Singapore Stock Exchan...
Alset Inc., through its subsidiaries, engages in the development of EHome communities and other real estate, financial services, digital transformation technologies, biohealth activities, and consumer products with operations in the United States, Singapore, Hong Kong, Australia, and South Korea.
The company manages its three principal businesses primarily through its 85.4% owned subsidiary, Alset International Limited (Alset International), a public company traded on the Singapore Stock Exchange. Through this subsidiary (and indirectly, through other public and private U.S. and Asian subsidiaries), the company is actively developing real estate projects near Houston and Texas in its real estate segment. Recently, the company expanded its real estate portfolio to single family rental homes, and it owns 132 homes that are rented or are available for rent. In the company's digital transformation technology segment, it focuses on serving business-to-business (B2B) needs in e-commerce, collaboration and social networking functions. The company's biohealth segment includes sale of consumer products. The company identifies global businesses for acquisition, incubation, and corporate advisory services, primarily related to its operating business segments.
The company has ownership interests outside of Alset International, including a 36.9% equity interest in American Pacific Bancorp Inc., an indirect 13% equity interest in Holista CollTech Limited, a 44.4% equity interest in DSS Inc. (DSS), an indirect 48.7% equity interest in Value Exchange International, Inc. and a 33.4% equity interest in Sharing Services Global Corporation. American Pacific Bancorp Inc. is a financial network holding company. Holista CollTech Limited is a public Australian company that produces natural food ingredients (ASX: HCT). DSS is a multinational company operating businesses within nine divisions: product packaging, biotechnology, direct marketing, commercial lending, securities and investment management, alternative trading, digital transformation, secure living, and alternative energy. DSS Inc. is listed on the NYSE American (NYSE: DSS). Value Exchange International, Inc. is a provider of information technology services for businesses and is traded on the OTCQB (OTCQB: VEII). Sharing Services Global Corporation (OTCQB: SHRG), is a publicly traded company dedicated to building shareholder value by developing or acquiring businesses, products and technologies in the direct selling industry and other industries that augment the company's product and services portfolio, business competencies, and geographic reach.
The company's growth strategy is both to pursue acquisition opportunities that it can leverage on its global network using its capital and management resources and to accelerate the expansion of its organic businesses.
Operations
Real Estate
Property Development Business
The company's real estate business is primarily conducted through its indirect subsidiary, LiquidValue Development Inc. (LiquidValue Development), a 99.9%-owned U.S. subsidiary of Alset International, which owns, operates and manages real estate development projects with a focus on land subdivision developments. It generally contracts out all real estate development activities, working with engineers, surveyors, architects and general contractors through each phase, including planning, design, and construction. Once the contractors complete the land development, it then sells the developed lots to builders for the construction of new homes. Where possible, it has attempted to pre-sell these lots before they are fully developed. LiquidValue Development's main assets are two such subdivision development projects, one near Houston, Texas (known as Lakes at Black Oak), and one in Frederick, Maryland (known as Ballenger Run).
The company's property development business is headquartered in Bethesda, Maryland.
Frederick, Maryland Property: In November 2015, the company completed the acquisition of Ballenger Run, a 197-acre land sub-division development located in Frederick County, Maryland. Previously, on May 28, 2014, the RBG Family, LLC entered into the Assignable Real Estate Sales Contract with NVR, Inc. (NVR) by which RBG Family, LLC would sell the 197 acres to NVR. On December 10, 2014, NVR assigned this contract to SeD Maryland Development, LLC in the Assignment and Assumption Agreement and entered into a series of Lot Purchase Agreements by which NVR would purchase subdivided lots from SeD Maryland Development, LLC. The project is owned by SeD Maryland Development, LLC (SeD Maryland). SeD Maryland is 83.55% owned by SeD Ballenger and 16.45% by CNQC.
Lakes at Black Oak Property, Texas: The company's Lakes at Black Oak project is a land infrastructure development and sub-division project situated in Magnolia, Texas north of Houston.
Home Rental Business
Houston, Texas Rental Homes: In recent years, the company expanded its real estate portfolio to single family rental houses. During 2022 and 2021 the company signed multiple purchase agreements to acquire 20 and 112 homes, respectively, in Montgomery and Harris Counties, Texas. By December 31, 2022, the acquisition of all 132 homes was completed. All of these purchased homes are properties of its rental business.
On December 9, 2022, the company entered into an agreement with Alset EHome Inc. and Alset International Limited pursuant to which it agreed to reorganize the ownership of its home rental business. Previously, it and certain majority-owned subsidiaries collectively owned 132 single-family rental homes in Texas. 112 of these rental homes are owned by subsidiaries of American Home REIT Inc. (AHR). The company owns 85.5% of Alset International Limited, and Alset International Limited indirectly owns approximately 99.9% of Alset EHome Inc.
The closing of the transaction contemplated by this agreement was completed on January 13, 2023. Pursuant to this agreement, the company has become the direct owner of AHR and its subsidiaries that collectively own these 112 homes, instead of such homes being owned indirectly through Alset International Limited's subsidiaries.
In approximately 96 of the 132 single-family rental homes that were acquired by its subsidiary in 2022 and 2021as a part of its commitment to advancing smart and healthy sustainable living, the company installed Tesla PV solar panels and Powerwalls. In addition, it added technologies at many of the single-family rental homes, such as smart solar, thermostat, and energy usage controls; smart lighting controls; smart locks and security; and smart home automation devices.
Potential Future Projects
In addition to the company's main projects, it is embarking on residential construction activities in partnership with U.S. homebuilders and have commenced discussions to acquire smaller U.S. residential construction projects. These projects may be within both the for-sale and for-rent markets. The company considers projects in diverse regions across the United States, and maintain longstanding relationships with local owners, brokers, attorneys and lenders to source projects. It will continue to focus on off-market deals and raise appropriate financing for attractive development opportunities.
Through the company's subsidiaries, it will explore the potential to pursue other business opportunities related to real estate. The company is evaluating the potential to enter into additional activities related to solar energy and energy efficient products, as well as smart home technologies. Through the company's eco-systems of businesses based around sustainable, healthy living communities, its Alset EHome Inc. subsidiary intends to develop single family homes which are eco-friendly. They will be fitted it with solar energy products, such as photovoltaic systems, battery systems, and car charging ports for sustainable transport, as well as other energy efficient systems. The company also envisions acquiring land surrounding its communities for solar farm projects to power these communities. The company intends to continue to explore other projects in and around Houston, Texas and bring this concept to other strategic parts of the U.S.
Digital Transformation Technology
The company's digital transformation technology business unit is committed to enabling enterprises to engage in a digital transformation by providing support, implementation and development services with various technologies, including blockchain, e-commerce, social media, artificial intelligent customer service application and metaverse services. The company commenced its technology business in 2015 through Hapi Metaverse Inc. (Hapi Metaverse), its 99.6% owned subsidiary. Its technology platform focuses on business-to-business, or B2B, solutions, such as communications and workflow, through instant messaging, international calling, social media, e-commerce. Hapi Metaverse's latest investment into Value Exchange International Inc. (VEII) expanded its offering to retail business digital transformation, such as supermarket and chain stores. Hapi Metaverse is the largest stockholder of VEII.
Through Hapi Metaverse, the company has successfully implemented several strategic platform developments for clients, including a mobile front-end solution for network marketing, a hotel e-commerce platform for a company in Asia, and a real estate agent management platform in China. It has also enhanced its technological integration capability to include artificial intelligence in the area of customer service, augmented reality, and the metaverse.
While focusing on development and integration services by building white label mobile applications for eCommerce and community engagement, such as direct marketing and affiliate marketing, VEII has been working on I.T. Services for major retailers in Asia for retail solutions integration. Adding latest technological framework, such as A.I. and Metaverse allows the company to enhance its clients' digital transformation journey with better consumer engagement and analytics.
Biohealth Business
The company entered the biomedical and healthcare market by forming its biohealth division, which is engaged in developing, researching, testing, manufacturing, licensing and distributing (through retail, direct selling, network marketing and e-commerce) biohealth products and services. The company strives to leverage its scientific know-how and intellectual property rights to provide solutions to pending healthcare issues.
HWH World: In October 2019, the company expanded its biohealth segment into the Korean market through one of the subsidiaries of HWH International Inc., HWH World Inc (HWH World). HWH World is in the business of sourcing and distributing dietary supplements and other health products through its network of members in the Republic of Korea (South Korea). HWH World generates product sales via its direct sale model as products are sold to its members. Through the use of a Hapi Gig platform that combines e-commerce, social media, and a customized rewards system, HWH Korea equips, trains, and empowers its members. The company competes with numerous direct sales companies in South Korea.
Other Business Activities
In addition to the company's three principal business activities, it oversees several smaller other business activities at the time, which it believes complement three principal businesses.
BMI Capital Partners: Alset International's wholly-owned Hong Kong subsidiary, BMI Capital Partners International Limited provides consultancy services on corporate restructuring efforts, debt restructuring efforts and capital markets related corporate actions, including potential stock exchange listings.
Alset F&B: The company, through Alset F&B One Pte. Ltd. (Alset F&B One) and Alset F&B (PLQ) Pte. Ltd. (Alset F&B PLQ) each acquired a restaurant franchise licenses at the end of 2021 and 2022 respectively, both of which have since commenced operations. These licenses will allow Alset F&B One and Alset F&B PLQ each to operate a Killiney Kopitiam restaurant in Singapore. Killiney Kopitiam, founded in 1919, is a Singapore-based chain of mass-market, traditional kopitiam style service cafes selling traditional coffee and tea, along with a range of local delicacies, such as Curry Chicken, Laksa, Mee Siam, and Mee Rebus.
Hapi Cafes: The company, through Hapi Cafe Inc. (HCI-T), an indirect majority-owned subsidiary of it, commenced operation of two cafés during 2022 and 2021, which are located in Singapore and South Korea.
The cafes are operated by subsidiaries of HCI-T, namely Hapi Cafe SG Pte. Ltd. (HCSG) in Singapore and Hapi Cafe Korea Inc. (HCKI) in Seoul, South Korea. Hapi Cafes are distinctive lifestyle café outlets that strive to revolutionize the way individuals dine, work, and live, by providing a conducive environment for everyone to relish the four facets - health and wellness, fitness, productivity, and recreation all under one roof.
In February of 2024, HCI-T acquired an additional café in South Korea which has not yet commenced operations. In recent months the company incorporated three new subsidiaries Shenzhen Leyouyou Catering Management Co., Ltd., Dongguan Leyouyou Catering Management Co., Ltd. and GuangZhou Leyouyou Catering Management Co., Ltd in the People's Republic of China. The three companies will be principally engaged in the food and beverage business in Mainland China.
Additionally, through its subsidiary MOC HK Limited, the company is focusing on operating café business in Hong Kong.
American Pacific Bancorp Inc: APB is a financial network holding company focused on acquiring equity positions in undervalued commercial bank(s), bank holding companies and nonbanking licensed financial companies operating in the United States, South East Asia, Taiwan, Japan, and South Korea, and companies engaged in-nonbanking activities closely related to banking, including loan syndication services, mortgage banking, trust and escrow services, banking technology, loan servicing, equipment leasing, problem asset management, SPAC (special purpose acquisition company) consulting services, and advisory capital raising services. The company's ownership percentage of APB fell to 41.3% and subsequently to 36.9% at the end of 2022 due to APB's share issuances.
Properties
Lakes at Black Oak
The Lakes at Black Oak property is located in Montgomery County in Magnolia, Texas. This residential land development initially consisted of approximately 162 acres. On January 13, 2021, 150 CCM Black Oak, Ltd. purchased an approximately 6.3-acre tract of land in Montgomery County. CCM Black Oak Ltd is the primary developer responsible for all infrastructure development. This property is included in Harris County Improvement District #17.
Alset Villas
In 2021, the company's subsidiary Alset EHome Inc. owns 19.5 acres of partially developed land near Houston, Texas which will be used to develop a community named Alset Villas (Alset Villas). Alset EHome is developing 63 lots at Alset Villas.
Rental Properties
During 2021 and 2022 the company signed multiple purchase agreements to acquire 132 homes in Montgomery and Harris Counties, Texas.
In the first 96 of the 112 rental homes that were acquired, as a part of its commitment to advancing smart and healthy sustainable living, it installed Tesla PV solar panels and Powerwalls. In addition, the company added technologies at many of the single-family rental homes, such as smart solar, thermostat, and energy usage controls; smart lighting controls; smart locks and security; and smart home automation devices.
Sales and Marketing
The company focuses its corporate marketing efforts on increasing brand awareness, communicating the advantages of its various platforms and generating qualified leads for its sales team. The company's corporate marketing plan is designed to continually elevate awareness of its brand and generate demand for its offerings. The company relies on a number of channels in this area, including digital advertising, email marketing, social media, affiliate marketing and broad-based media, as well as through various strategic partnerships. The company maintains its website at https://www.alsetinc.com, and its various operating subsidiaries maintain individual websites, many of which are accessible through its main website.
Each of the company's businesses has developed a field sales force in their geographic markets. These sales force teams are responsible for identifying and managing individual sales opportunities in their respective regions.
History
The company was incorporated in the state of Delaware in 2018. The company was formerly known as Alset EHome International Inc. and changed its name to Alset Inc. in October 2022.
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