LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS

12 Months Ended

Jun. 30, 2020

Loans and Leases Receivable Disclosure [Abstract]

LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS

The following table presents TTCQ’s loans receivable from property development projects in China as of June 30, 2020 and as of June 30, 2019. The exchange rate is based on the historical rate published by the Monetary Authority of Singapore as on March 31, 2015, since the net loan receivable was “nil” as at June 30, 2020 and as at June 30, 2019.

	Loan Expiry	Loan Amount
	Date	(RMB)			(U.S. Dollars)
Short-term loan receivables
JiangHuai (Project - Yu Jin Jiang An)	May 31, 2013		2,000			326
Less: allowance for doubtful receivables			(2,000	)		(326	)
Net loan receivable from property development projects			—			—
Long-term loan receivables
Jun Zhou Zhi Ye	Oct 31, 2016		5,000			814
Less: transfer – down-payment for purchase of investment property			(5,000	)		(814	)
Net loan receivable from property development projects			—			—

The short-term loan receivables of renminbi (“RMB”) 2,000, or approximately $326 based on the historical rate, arose from TTCQ entering into a 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 in fiscal 2011. Based on TTI’s financial policy, a provision for doubtful receivables of $326 on the investment in JiangHuai was recorded during fiscal 2014. TTCQ did not generate other income from JiangHuai for the fiscal year ended June 30, 2020 and June 30, 2019. TTCQ is in the legal process of recovering the outstanding amount of $326.

The long-term loan receivable of RMB 5,000, or approximately $814 based on the historical rate, arose from TTCQ entering into a Memorandum Agreement with JiaSheng Property Development Co. Ltd. (“JiaSheng”) to invest in JiaSheng’s property development projects (Project B-48 Phase 2) located in Chongqing City, China in fiscal 2011. The loan receivable was unsecured and repayable at the end of the term. The book value of the loan receivable approximates its fair value. During fiscal year 2015, the loan receivable was transferred to down payment for purchase of investment property that is being developed in the Singapore Themed Resort Project (See Note 10).