Sterling Group Ventures Inc. (fka SGGV)

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China Timeshare News: April 16, 2016

>> INTERNATIONAL TIMESHARE NEWS
HUNAN (and VANCOUVER, BC): This is some serious diversification. A big Chinese natural resource/phosphates company headquartered in Vancouver, BC has decided to get into the timeshare business, and they’re going in head first – no niggling around or testing the waters first with their toes.
Sterling Group Ventures, Inc., not content to put all its eggs in one mining basket, has signed an agreement with Hong Kong-based Chenguo Capital Limited to acquire Chenguo-owned Euro Asia Premier Real Estate. As a result of the transaction, Sterling will diversify to also become a timeshare exchange provider, a manager of timeshare assets through agreements, and a developer of timeshare assets with fee relationships with other organizations or resorts.
Chenguo also owns the rights to two hotels currently under completion and a parcel of land in Weifang, Shandong Province. According to appraisals done in 2011 the properties were appraised at a combined value of 327 million RMB or approximately US$50.6 million. These properties are presently finalizing a court approved auction process due to a default on loans advanced by Mr. Guo through a trust company, under which Euro Asia (HK) will either receive the proceeds from the auction, if the assets are sold for fair market value, or the titles to the properties. These properties or the cash received from auction shall be reorganized into Euro Asia (HK), which Sterling has acquired.
If properties are acquired and vested to Sterling and/or its subsidiary, they will then sell the properties as timeshare units at an expected premium above appraised value. The properties will be organized and securitized into retail timeshares and will be entered into the timeshare exchange network currently under development and which will be owned by Sterling.
Did you get all that?
I wonder who will be advising the timeshare noobs at Sterling as they develop their new companies?
BTW, this company should not be confused with India-based Sterling Resorts and Hotels, which is owned by Thomas Cook Group plc, nor with Sterling Resort Group, a U.S.-based company owned by Richard G. Kearns, Jr.


http://insidethegate.com/gatehouse/2016/04/china-timeshare-news-april-16-2016/