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INVESTMENT PROPERTIES | 9 Months Ended
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Mar. 31, 2019
Notes to Financial Statements |
INVESTMENT PROPERTIES | The following table presents the Company’s investment in properties in China as of March 31, 2019. The exchange rate is based on the market rate as of March 31, 2019.
| Investment Date / Reclassification Date |  | Investment Amount (RMB) |  |  | Investment Amount (U.S. Dollars) |
Purchase of rental property – Property I – Mao Ye Property | Jan 04, 2008 |  |  | 5,554 |  |  |  | 894 |
Currency translation |  |  |  | - |  |  |  | (87 | )
Reclassification as “Assets held for sale” | July 01, 2018 |  |  | (5,554 | ) |  |  | (807 | )
Reclassification from “Assets held for sale” | Mar 31, 2019 |  |  | 2,024 |  |  |  | 301 |
|  |  | 2,024 |  |  |  | 301 |
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 |  |  |  | - |  |  |  | (93 | )
Gross investment in rental property |  |  |  | 9,649 |  |  |  | 1,436 |
Accumulated depreciation on rental property | Mar 31, 2019 |  |  | (5,879 | ) |  |  | (875 | )
Reclassified as “Assets held for sale” | July 01, 2018 |  |  | 2,822 |  |  |  | 410 |
Reclassification from “Assets held for sale” | Mar 31, 2019 |  |  | (1,029 | ) |  |  | (143 | )
|  |  | (4,086 | ) |  |  | (608 | )
Net investment in property – China |  |  |  | 5,563 |  |  |  | 828 |
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 March 31, 2019 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 Date |  | Investment Amount |  |  | Investment Amount |
|  |  | (RM) |  |  | (U.S. Dollars) |
Purchase of Penang Property | Dec 31, 2012 |  |  | 681 |  |  |  | 181 |
Currency translation |  |  |  | - |  |  |  | (16 | )
Reclassification as “Assets held for sale” | June 30, 2015 |  |  | (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 Mao Ye Property Ltd. (“Mao Ye”), 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 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. The Company has completed the sale of thirteen of the fifteen units constituting the Mao Ye Property as the end of third quarter 2019 which contributed the gain of $685. During the third quarter 2019, considering the current market conditions in China, management has decided not to sell the remaining two units of Mao Ye properties and as of third quarter 2019, the properties were reclassified to investment property from assets held for sale. Property purchased from Mao Ye generated a rental income of $15 and $58 during the three and nine months ended March 31, 2019, respectively, and $22 and $75 for the same periods 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 nine months ended March 31, 2019 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 totalling 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. The rental agreement of this lease has been extended for 3 years, commencing from May 01, 2019 to Apr 30, 2021 with a term of rent increase of 6% every year. 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 $10 and $23 for the three and nine months ended March 31, 2019, respectively, while it generated a rental income of $12 and $35 for the same periods in the last fiscal year. Summary Total rental income for all investment properties in China was $25 and $81 for the three and nine months ended March 31, 2019, respectively, and were $34 and $110 for the same periods in the last fiscal year. Depreciation expenses for all investment properties in China were $14 and $42 and for the three and nine months ended March 31, 2019, respectively, and were $25 and $74 for the same periods in the last fiscal year.

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