<SEC-DOCUMENT>0001641172-25-020746.txt : 20250723
<SEC-HEADER>0001641172-25-020746.hdr.sgml : 20250723
<ACCEPTANCE-DATETIME>20250723203013
ACCESSION NUMBER:		0001641172-25-020746
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250723
DATE AS OF CHANGE:		20250723

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Alset Inc.
		CENTRAL INDEX KEY:			0001750106
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				831079861
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-91881
		FILM NUMBER:		251144259

	BUSINESS ADDRESS:	
		STREET 1:		4800 MONTGOMERY LANE
		STREET 2:		SUITE 210
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
		BUSINESS PHONE:		3019713955

	MAIL ADDRESS:	
		STREET 1:		4800 MONTGOMERY LANE
		STREET 2:		SUITE 210
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Alset EHome International Inc.
		DATE OF NAME CHANGE:	20210205

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HF Enterprises Inc.
		DATE OF NAME CHANGE:	20180814

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Chan Heng Fai Ambrose
		CENTRAL INDEX KEY:			0001261725
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	MAIL ADDRESS:	
		STREET 1:		2601 INSLAND PLACE TOWER
		STREET 2:		510 KINGS RD N POINT
		CITY:			HONG KONG
		STATE:			K3
		ZIP:			999999999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHAN FAI
		DATE OF NAME CHANGE:	20030828
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <previousAccessionNumber>0001641172-25-017564</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Chan Heng Fai Ambrose -->
          <cik>0001261725</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>22</amendmentNo>
      <securitiesClassTitle>Common Stock, Par Value $0.001 Per Share</securitiesClassTitle>
      <dateOfEvent>07/23/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001750106</issuerCIK>
        <issuerCUSIP>02115D208</issuerCUSIP>
        <issuerName>Alset Inc.</issuerName>
        <address>
          <com:street1>4800 Montgomery Lane</com:street1>
          <com:street2>Suite 210</com:street2>
          <com:city>Bethesda</com:city>
          <com:stateOrCountry>MD</com:stateOrCountry>
          <com:zipCode>20814</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Heng Fai Ambrose Chan</personName>
          <personPhoneNum>011 65 6333 9181</personPhoneNum>
          <personAddress>
            <com:street1>9 Temasek Boulevard #16-04</com:street1>
            <com:street2>Suntec Tower Two</com:street2>
            <com:city>Singapore</com:city>
            <com:stateOrCountry>U0</com:stateOrCountry>
            <com:zipCode>038989</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001261725</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Heng Fai Ambrose Chan</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>U0</citizenshipOrOrganization>
        <soleVotingPower>35665409.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>35665409.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>35665409.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>90.8</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>Includes 3,875,506 shares of common stock held by HFE Holdings Limited, of which Mr. Chan has sole voting and investment power with respect to such shares. Percentage is based upon 39,296,636 shares of common stock outstanding as of July 23, 2025.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001756133</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>HFE Holdings Limited</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>K3</citizenshipOrOrganization>
        <soleVotingPower>3875506.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>3875506.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>3875506.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>9.9</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
        <commentContent>Percentage is based upon 39,296,636 shares of common stock outstanding as of July 23, 2025.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock, Par Value $0.001 Per Share</securityTitle>
        <issuerName>Alset Inc.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>4800 Montgomery Lane</com:street1>
          <com:street2>Suite 210</com:street2>
          <com:city>Bethesda</com:city>
          <com:stateOrCountry>MD</com:stateOrCountry>
          <com:zipCode>20814</com:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item2>
        <filingPersonName>Heng Fai Ambrose Chan</filingPersonName>
        <principalBusinessAddress>9 Temasek Boulevard #14-06, Suntec Tower Two, Singapore 038989</principalBusinessAddress>
        <principalJob>Chairman and Chief Executive Officer, Alset Inc., 4800 Montgomery Lane Suite 210, Bethesda, MD 20814</principalJob>
        <hasBeenConvicted>None.</hasBeenConvicted>
        <convictionDescription>None.</convictionDescription>
        <citizenship>Singapore</citizenship>
      </item2>
      <item3>
        <fundsSource>On July 23, 2025, Alset Inc. purchased certain assets from Mr. Chan Heng Fai for a purchase price of $83,000,000 in the form of a promissory note (the "Convertible Note") convertible into newly issued shares of Alset Inc.'s common stock at $3.00 per share.  On July 23, 2025, Mr. Chan converted the entire balance of the $83,000,000 Convertible Note into 27,666,667 restricted shares of the common stock of Alset Inc.</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>All of the Issuer's securities owned by the Reporting Person have been acquired for investment purposes only. As of the date of this Schedule 13D, the Reporting Person has no present plans or proposals that relate to or would result in any of the actions required to be described in subsections (a) through (j) of Item 4 of Schedule 13D. The Reporting Person may, at any time, review or reconsider its positions with respect to the Issuer and formulate plans or proposals with respect to any of such matters, but have no present intention of doing so.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>35,665,409, 90.8%</percentageOfClassSecurities>
        <numberOfShares>35,665,409</numberOfShares>
        <transactionDesc>There were no other transactions effected in the last 60 days by the Reporting Person except for the transactions which are the subject of this Schedule 13D and are described herein and when on June 30, 2025, Mr. Chan acquired 280,000 shares of the Issuer's common stock at a weighted average purchase price of $1.20 per share. This transaction was executed in multiple trades at prices ranging from $0.984 to $1.30. The reporting person hereby undertakes to provide, upon request of the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.</transactionDesc>
      </item5>
      <item6>
        <contractDescription>None.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Joint Filing Agreement, by and between the Reporting Persons, incorporated by reference to Schedule 13D filed with the SEC on February 15, 2022.</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Heng Fai Ambrose Chan</signatureReportingPerson>
        <signatureDetails>
          <signature>Heng Fai Ambrose Chan</signature>
          <title>Heng Fai Ambrose Chan/Individual</title>
          <date>07/23/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>HFE Holdings Limited</signatureReportingPerson>
        <signatureDetails>
          <signature>Heng Fai Ambrose Chan</signature>
          <title>Heng Fai Ambrose Chan/Director, HFE Holdings Limited</title>
          <date>07/23/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
