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LOAN RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS | 6 Months Ended
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Dec. 31, 2014
Notes to Financial Statements |
LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) | The following table presents TTCQ’s loan receivable from property development projects in China as of December 31, 2014. The exchange rate is based on the date published by the Monetary Authority of Singapore as on December 31, 2014.
| Loan Expiry |  | Loan Amount |  |  | Loan Amount |
Short-term loan receivables | Date |  | (RMB) |  |  | (U.S. Dollars) |
JiangHuai (Project - Yu Jin Jiang An) | May 31, 2013 |  |  | 2,000 |  |  |  | 325 |
Less: allowance for impairment | Dec 31, 2013 |  |  | (2,000 | ) |  |  | (325 | )
Net loan receivable from property development projects |  |  |  | - |  |  |  | - |
| Loan Expiry |  | Loan Amount |  |  | Loan Amount |
Long-term loan receivables | Date |  | (RMB) |  |  | (U.S. Dollars) |
Jun Zhou Zhi Ye | Oct 31, 2016 |  |  | 5,000 |  |  |  | 814 |
Less: transfer – down-payment for purchase of property |  |  |  | (5,000 | ) |  |  | (814 | )
Net loan receivable from property development projects |  |  |  | - |  |  |  | - |
The following table presents TTCQ’s loan receivable from property development projects in China as of June 30, 2014.
| Loan Expiry |  | Loan Amount |  |  | Loan Amount |
Short-term loan receivables | Date |  | (RMB) |  |  | (U.S. Dollars) |
Investment in JiangHuai (Project - Yu Jin Jiang An) | May 31, 2013 |  |  | 2,000 |  |  |  | 325 |
Less: allowance for doubtful receivables | Dec 31, 2013 |  |  | (2,000 | ) |  |  | (325 | )
Net loan receivable from property development projects |  |  |  | - |  |  |  | - |
| Loan Expiry |  | Loan Amount |  |  | Loan Amount |
Long-term loan receivables | Date |  | (RMB) |  |  | (U.S. Dollars) |
Jun Zhou Zhi Ye | Oct 31, 2016 |  |  | 5,000 |  |  |  | 805 |
Net loan receivable from property development projects |  |  |  | 5,000 |  |  |  | 805 |
On November 1, 2010, TTCQ entered into a Memorandum Agreement with JiaSheng Property Development Co. Ltd. (“JiaSheng”) to invest in their property development projects (Project B-48 Phase 2) located in Chongqing City, China. Due to the short-term nature of the investment, the amount was classified as a loan based on ASC Topic 310-10-25 Receivables, amounting to RMB 5,000, or approximately $814, based on the exchange rate as at December 31, 2014 published by the Monetary Authority of Singapore. The amount was unsecured and repayable at the end of the term. The loan was renewed in November 2011 for a period of one year, which expired on October 31, 2012 and was again renewed in November 2012 and expired in November 2013. On November 1, 2013 the loan was transferred by JiaSheng to and is now payable by Chong Qing Jun Zhou Zhi Ye Co. Ltd. (“Jun Zhou Zhi Ye”), and the transferred agreement expires on October 31, 2016. Hence the loan receivable was reclassified as a long-term receivable. The book value of the loan receivable approximates its fair value. TTCQ recorded other income of RMB 104, or approximately $16, and RMB 417, or approximately $68, from Jun Zhou Zhi Ye for the three and six months ended December 31, 2014, respectively. The loan receivable was transferred to down-payment for purchase of property that is being developed in the Singapore Themed Resort Project. On November 1, 2010, TTCQ entered into another Memorandum Agreement with JiangHuai Property Development Co. Ltd. (“JiangHuai”) to invest in their property development projects (Project - Yu Jin Jiang An) located in Chongqing City, China. Due to the short-term nature of the investment, the amount was classified as a loan based on ASC Topic 310-10-25 Receivables, amounting to RMB 2,000, or approximately $325. The loan was renewed, but expired on May 31, 2014. TTCQ is in the legal process of recovering the outstanding amount of $325. TTCQ did not generate other income from JiangHuai for the three and six months ended December 31, 2014, or for the same periods in the last fiscal year. An impairment of $325 was provided for during the second quarter of fiscal 2014, based on TTI’s financial policy.

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