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INVESTMENT PROPERTIES | 6 Months Ended
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Dec. 31, 2018
Notes to Financial Statements |
INVESTMENT PROPERTIES | The following table presents the Company’s investment in properties in China as of December 31, 2018. The exchange rate is based on the market rate as of December 31, 2018.
| Investment Date / Reclassification Date |  | Investment Amount (RMB) |  |  | Investment Amount (U.S. Dollars) |
Purchase of rental property – Property I - MaoYe Property | Jan 04, 2008 |  |  | 5,554 |  |  |  | 894 |
Currency translation |  |  |  | - |  |  |  | (87 | )
Reclassification as “Asset held for sale” | July 01, 2018 |  |  | (5,554 | ) |  |  | (807 | )
|  |  | - |  |  |  | - |
Purchase of rental property – Property II - JiangHuai | Jan 06, 2010 |  |  | 3,600 |  |  |  | 580 |
Purchase of rental property – Property III - Fu Li | Apr 08, 2010 |  |  | 4,025 |  |  |  | 648 |
Currency translation |  |  |  | - |  |  |  | (119 | )
Gross investment in rental property |  |  |  | 7,625 |  |  |  | 1,109 |
Accumulated depreciation on rental property | Sep 30, 2018 |  |  | (5,783 | ) |  |  | (841 | )
Reclassified as “Asset held for sale” | July 01, 2018 |  |  | 2,822 |  |  |  | 410 |
|  |  | (2,961 | ) |  |  | (431 | )
Net investment in property – China |  |  |  | 4,664 |  |  |  | 678 |
The following table presents the Company’s investment in properties in China as of June 30, 2018. The exchange rate is based on the market rate as of June 30, 2018.
| Investment Date |  | Investment Amount (RMB) |  |  | Investment Amount (U.S. Dollars) |
Purchase of rental property – Property I - Mao Ye Property | Jan 04, 2008 |  |  | 5,554 |  |  |  | 894 |
Purchase of rental property – Property II - JiangHuai | Jan 06, 2010 |  |  | 3,600 |  |  |  | 580 |
Purchase of rental property – Property III - Fu Li | Apr 08, 2010 |  |  | 4,025 |  |  |  | 648 |
Currency translation |  |  |  | - |  |  |  | (131 | )
Gross investment in rental property |  |  |  | 13,179 |  |  |  | 1,991 |
Accumulated depreciation on rental property | June 30, 2018 |  |  | (5,596 | ) |  |  | (845 | )
Net investment in property – China |  |  |  | 7,583 |  |  |  | 1,146 |
The following table presents the Company’s investment properties in Malaysia as of December 31, 2018 and June 30, 2018. The exchange rate is based on the exchange rate as of June 30, 2015 published by the Monetary Authority of Singapore.
| Investment |  | Investment Amount |  |  | Investment Amount |
| Date |  | (RM) |  |  | (U.S. Dollars) |
Reclassification of Penang Property | Dec 31, 2012 |  |  | 681 |  |  |  | 181 |
Currency translation |  |  |  | - |  |  |  | (16 | )
Reclassification as "Asset held for sale" |  |  |  | (681 | ) |  |  | (165 | )
|  |  | - |  |  |  | - |
Accumulated depreciation on rental property | June 30, 2015 |  |  | (310 | ) |  |  | (83 | )
Currency translation |  |  |  | - |  |  |  | 7 |
Reclassified as “Assets held for sale” | June 30, 2015 |  |  | (310 | ) |  |  | (76 | )
Net investment in rental property - Malaysia |  |  |  | - |  |  |  | - |
Rental Property I - Mao Ye Property In fiscal 2008, TTCQ purchased an office in Chongqing, China from MaoYe Property Ltd. (“MaoYe”), for a total cash purchase price of RMB 5,554, or approximately $894. TTCQ identified a new tenant and signed a new rental agreement (653 square meters at a monthly rent of RMB 39, or approximately $6) on August 1, 2015 which expires on July 31, 2020. TTCQ signed a new rental agreement (451 square meters at a monthly rent of RMB 24, or approximately $4) on February 1, 2018 which expires on January 31, 2021. During the first quarter of 2019, management decided to sell our Mao Ye Property, which is one of our earlier investment properties. In order to monetize the capital gain on property, TTCQ appointed a sole agent for 6 months as of September 1, 2018 to search for suitable buyers for this property. During the second quarter of fiscal 2019, the Company completed the sale of seven of the fifteen units constituting the Mao Ye Property. The Company believes that it has the ability to complete the sale transaction for remaining units within a period of one year since the asset can be transferred to the buyer in its present condition and the target price given to the sole agent is reasonable in relation to its current fair value. In accordance with ASC Topic 360, as there was an intention to sell the investment properties within 1 year, the property was reclassified from investment property, which had a net book value of RMB 2,732, or approximately $397 as at December 31, 2018. Property purchased from MaoYe generated a rental income of $21 and $43 during the three and six months ended December 31, 2018, respectively, and $26 and $53 for the same period in last fiscal year. Rental Property II - JiangHuai In fiscal year 2010, TTCQ purchased eight units of commercial property in Chongqing, China from Chongqing JiangHuai Real Estate Development Co. Ltd. (“JiangHuai”) for a total purchase price of RMB 3,600, or approximately $580. Although these units were rented in the past, all eight units are currently vacant and TTCQ is working with the developer to find a suitable buyer to purchase all the commercial units. TTCQ has yet to receive the title deed for these properties; however, TTCQ has the vacancies in possession with the exception of two units, which are in the process of clarification. TTCQ is in the legal process to obtain the title deed, which is dependent on JiangHuai completing the entire project. Property purchased from JiangHuai did not generate any rental income during the three and six months ended December 31, 2018 or during the same period in the prior fiscal year. Rental Property III – FuLi In fiscal 2010, TTCQ entered into a Memorandum Agreement with Chongqing FuLi Real Estate Development Co. Ltd. (“FuLi”) to purchase two commercial properties totaling 311.99 square meters (“office space”) located in Jiang Bei District Chongqing. Although TTCQ currently rents its office premises from a third party, it intends to use the office space as its office premises. The total purchase price committed and paid was RMB 4,025, or approximately $648. The development was completed, and the property was handed over in April 2013 and the title deed was received during the third quarter of fiscal 2014. The two commercial properties were leased to third parties under two separate rental agreements. One of such leases provides for a rent increase of 5% every year on May 1, commencing in 2017 until the rental agreement expires on April 30, 2019. For the other lease expired on March 31, 2018, TTCQ identified a new tenant and signed a new rental agreement (161 square meters at a monthly rent of RMB 62, or approximately $9) on November 1, 2018 which expires on October 31, 2019. Properties purchased from Fu Li generated a rental income of $8 and $13 for the three and six months ended December 31, 2018, respectively, while it generated a rental income of $11 and $23 for the same period in the last fiscal year. Summary Total rental income for all investment properties in China was $29 and $56 for the three and six months ended December 31, 2018, respectively, and were $37 and $76 for the same period in the last fiscal year. Depreciation expenses for all investment properties in China were $14 and $28 and for the three and six months ended December 31, 2018, respectively, and were $24 and $49 for the same period in the last fiscal year.

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