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Item 8.01 Other Events
150 CCM Black Oak Ltd. (the “Seller”), a Texas Limited Partnership and an indirect, majority owned subsidiary of Alset Inc. (the “Company”) has closed the sale of 72 single-family detached residential lots comprising a section of a residential community in the city of Magnolia, Texas known as the “Lakes at Black Oak” to Century Land Holdings of Texas, LLC. The lots were sold at a fixed per-lot price, and the Seller also received a community enhancement fee for each lot sold. The aggregate purchase price and community enhancement fees, minus certain expenses, equaled a combined total of approximately $3.9 million. The sale of the lots closed on October 10, 2024. The terms underlying the sale of these lots were agreed to in a Contract for Purchase and Sale and Escrow Instructions, dated November 13, 2023, by and between the Seller and Century Land Holdings of Texas, LLC, as described in the Company’s current report on Form 8-K filed with the SEC on November 17, 2023.
The Seller is a subsidiary of LiquidValue Development Inc., 99.9% of which is owned by Alset International Limited. The Company owns 85.5% of Alset International Limited.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
| ALSET INC. | ||
| Dated: October 15, 2024 | By: | /s/ Rongguo Wei |
| Name: | Rongguo Wei | |
| Title: | Co-Chief Financial Officer | |