the listing of Dallas land for $2.25 million
Atlanta, GA -- October
7, 2022 -- InvestorsHub NewsWire -- UC Asset LP (OTCQX:
UCASU) announces today that the company has listed for sale a
piece of property, a 72-acre land in the metropolitan area of
Dallas, Texas. The property is listed for $2.25 million.
UC Asset acquired the
land in October, 2016 for approximately $800,000. In October 2020,
UC Asset sold the land to Dallas local company Puration Inc., and
entered into a partnership with Puration to co-develop the land
into a medical plant cultivation project.
Over the past years,
Puration had paid UC Asset $350,000 in cash and 100 million
restricted shares which had a market value of $860,000 at the time
of issuance (currently has a market value of $350,000). Yet
Puration still owed UC Asset approximately $1.10 million
Last month, UC Asset
purchased back the property at $1.35 million, out of which $1.10
million was offset by the debt Puration owing to UC Asset. UC Asset
will keep the 100 million restricted shares.
"The total revenue we
expected to receive from the partnership with Puration was more
than $2.25 million," explained Larry Wu, founder of UC Asset. "Had
the partnership with Puration progressed as planned, we would have
received the full payment from Puration, and the restricted shares
might be worth more because Puration would become a more successful
business. It could have been a very lucrative joint venture for
both of us."
"Unfortunately, due to
factors that were not directly related to our partnership and were
beyond our control, such as the new capital market situation that
had made it much harder to raise capital, we had to take a step
back," said Wu. "We are happy that we reached an agreement with
Puration to purchase the land back."
Despite that UC Asset
has given up the potentially more lucrative partnership with
Puration, it may still make remarkable profit from this 72-acre
land. Using a total cost of approximately $900,000, the listed
price of $2.25 million represents 250% value increase, which equals
to 25% annual return.
UC Asset carries no
mortgage loan or any other debt against the land, which means all
sales proceeds, after deduction of small amount of fees and taxes,
will become net proceeds to UC Asset.
According to UC Asset's
realtor agent, it has already received inquiries from several
potential buyers in the first few days of listing.
A link to the listing
can be found as below:
UC Asset LP is a limited partnership
formed for the purpose of investing in real estate with innovative
strategies, concentrating in metropolitan areas of Atlanta,
GA. For more information about UC Asset, please
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