In this report, we present compelling evidence that a rival, privately-held Chinese conglomerate owned by GFRE’s chairman and founder claims to own GFRE’s business. This suggests that insiders at GFRE perpetrated a fraud on investors: they took cash from the capital markets claiming that GFRE owned the underlying business when in fact the two Chinese subsidiaries that own and operate the business are privately owned by a company controlled by the chairman. We believe that, given the difficulty of litigating in China and the complex multi-jurisdictional organizational structure of GFRE, shareholders are most likely left without a remedy. In short,investors in this NASDAQ-listed company are likely holding worthless paper in a shell company.