SUBSEQUENT EVENT

3 Months Ended

Sep. 30, 2013

Subsequent Events [Abstract]

SUBSEQUENT EVENT

In the second quarter of fiscal 2011, a subsidiary, TTCQ, entered into a joint-venture agreement with JiaSheng to jointly develop a real estate project, in which the Company invested RMB 10,000. The agreement also stipulated that the Company would receive a fee of RMB 10,000. Upon signing of the agreement, JiaSheng paid the Company RMB 5,000 in cash.Therefore, the RMB 5,000, received in cash was offset against the investment of RMB 10,000 resulting in a net investment of RMB 5,000. The Company further reduced its investments by RMB 137, or approximately $22, towards the losses incurred by the joint-venture from its operations, resulting in a net investment of RMB 4,863, or approximately $795, based on exchange rates published by the Monetary Authority of Singapore as of September 30, 2013.

TTCQ was required to be the guarantor for the loan that the joint-venture was proposing to borrow from a financial institution to continue the development of the project. The Company considered the risk involved in providing the guarantee for the borrowings would be greater than the investment made in second quarter of fiscal 2011. Hence, subsequent to September 30, 2013, TTCQ decided to dispose of its entire investment in the joint-venture. TTCQ entered into an agreement on October 2, 2013 to exit the joint venture and dispose of its investment in the joint-venture for a total consideration as follows:

i. Commercial property or shop units of 668 square meters in Chongqing, which the joint-venture is currently developing and is expecting to be completed by June 2016; and

ii. RMB 8,000 will be paid in cash in 16 quarterly installments of RMB 500 per quarter, commencing from January 16, 2014.