Winning Catering Group (formerly LiquidValue Development) is a shell company in the middle of a business transformation. Its prior core business was residential land development near Houston, Texas and Frederick County, Maryland. The company acquired raw land, subdivided it into residential lots, built out infrastructure, and sold finished lots to homebuilders like Davidson Homes and Century Land Holdings of Texas at a fixed per-lot price. The primary project was Lakes at Black Oak, a roughly 168-acre subdivision north of Houston, with a second project, Ballenger Run, in Frederick, Maryland. The company also earned community enhancement fees on lot sales and generated modest rental income by leasing model homes to homebuilders for sales and marketing. Revenue was lumpy and deal-driven, recognized as lots closed in batches. All lots from both projects have since been sold and wound down. In August 2025, the company distributed substantially all of its net assets to shareholders in the form of shares in Alset Real Estate Holdings, leaving the company as a shell with no meaningful assets, employees, or operations. The company has since entered into an agreement to merge with Winning Catering Management Limited, a catering business, after which Winning Holdings will own approximately 80% of the combined entity. The catering merger had not yet closed as of the filing date.