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INVESTMENT PROPERTY IN CHINA | 12 Months Ended
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Jun. 30, 2012
Investment Property In China |
Note 16. INVESTMENT PROPERTY IN CHINA (In Thousands) | The following table presents the Company’s investment in the property in China as of June 30, 2012. The exchange rate is based on the exchange rate as of June 30, 2012 published by the Monetary Authority of Singapore.
|  |  | Investment Amount |  |  | Investment Amount |
| Investment Date |  | (RMB) |  |  | (U.S. Dollars) |
Purchase of rental property – MaoYe | 01/04/2008 |  |  | 5,554 |  |  |  | 874 |
Purchase of rental property - JiaSheng | 10/23/2008 |  |  | 7,042 |  |  |  | 1,089 |
Additional cost of rental property - JiaSheng | 12/01/2009 |  |  | 209 |  |  |  | 32 |
Investment rental property disposed - JiaSheng | 02/05/2010 |  |  | (579 | ) |  |  | (89 | )
Purchase of rental property – JiangHuai | 01/06/2010 |  |  | 3,600 |  |  |  | 566 |
Purchase of rental property – FuLi | 01/04/2012 |  |  | 4,025 |  |  |  | 633 |
Investment rental property disposed - JiaSheng | 03/04/2011 |  |  | (6,672 | ) |  |  | (1,032 | )
Gross investment in rental property |  |  |  | 13,179 |  |  |  | 2,073 |
Accumulated depreciation on rental property | 06/30/2012 |  |  | (1,643 | ) |  |  | (258 | )
Net investment in property - China |  |  |  | 11,536 |  |  |  | 1,815 |
Rental Property I – MaoYe In fiscal 2008, TTCQ entered into a Memorandum Agreement with MaoYe Property Ltd. to purchase an office space in Chongqing, China for a total cash purchase price of RMB 5,554. The term of the rental agreement was five years with a monthly rental income of RMB 39, or approximately $6 based on the average exchange rate for the year ended June 30, 2012, for the first three years and in the fourth year an increase of 8% in July 2012 for a monthly rental income of RMB 41, or approximately $7 based on the average exchange rate for the year ended June 30, 2012, with another increase of 8% in July 2013. Property purchased from Mao Ye generated a rental income of RMB 499, or approximately $78, for fiscal year 2012 as compared to RMB 464, or approximately $70 for fiscal year 2011. Rental Property II – JiaSheng In fiscal 2009, Trio-Tech (Chongqing) Co. Ltd. (“TTCQ”) entered into a Memorandum Agreement with JiaSheng to purchase four units of commercial property and two units of residential property, totaling 1,391.70 square meters in Chongqing, China, for a total purchase price of RMB 7,042. All of the property purchased from JiaSheng was disposed of in February 2010 and March 2011, hence there was no rental income recorded for these properties for fiscal year 2012. However these properties generated a rental income of RMB 697, or approximately $105, respectively, for the same periods in the last fiscal year. TTCQ sold four commercial properties purchased on October 23, 2008 to JiaSheng for RMB 6,860, or approximately $1,061, recording a gain on disposal of RMB 1,015, or approximately $153, after deducting sales tax and exchange difference, from the four properties which carried a cost of RMB 6,672, or approximately $1,032, and accumulated depreciation of RMB 840, or approximately $130. All payments in this sales transaction were received in full during the third quarter of fiscal 2011. Rental Property III – JiangHuai In fiscal 2010, the Company entered in to a Memorandum Agreement with Chongqing JiangHuai Real Estate Development Co., Ltd. (“Jianghuai”) to purchase eight units of commercial property in Chongqing, China for a total purchase price of RMB 3,600, equivalent to approximately $566 based on the exchange rate as of June 30, 2012 published by the Monetary Authority of Singapore. The Company rented this property to a third party on January 8, 2010. The rental agreement provided for a one year renewable term with an annual rental income of RMB 720, or approximately $112. TTCQ renewed its rental for this property on January 8, 2011 with the same rental terms. Property purchased from JiangHuai generated a rental income of RMB 420, or approximately $66, for fiscal year 2012, and RMB 660, or approximately $99, for fiscal year 2011. Rental Property IV – FuLi In fiscal 2010, the TTCQ entered into a Memorandum Agreement with Chongqing FuLi Real Estate Development Co. Ltd. (“FuLi Real Estate”), to purchase two commercial properties totaling 311.99 square meters (“office space”) located in Jiang Bei District Chongqing. The total purchase price committed and paid was RMB 4,025, or approximately $637 based on the exchange rate as of June 30, 2012. The construction has been completed and the property was handed over during April 2012 and the documentation of the change of title is in process. Property purchased from FuLi Real Estate was rented during the fourth quarter of fiscal 2012 and generated a rental income of RMB 21, or approximately $3, for fiscal year 2012 and since the property was handed over in April 2012, there was no such rental income in fiscal 2011. Title deed for this property has not been obtained as of the date of this report. Summary Total rental income for the investment properties in China was RMB 941 or approximately $148, for the fiscal year 2012, and was RMB 1,821, or approximately $274, for last fiscal year. Depreciation expenses for the investment properties in China were $77 for fiscal year 2012, and $141 for fiscal year 2011.

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