In the foreseeable future, we will keep focused on construction segment to derive revenue and net income. Additional, we have several land use rights on hand and will begin developing them whenever the real estate markets boom again. At March 31, 2012, the construction segment is in various stages of development of five construction projects with totaling approximately $28 million in estimated revenues to be earned over remaining three quarters in calendar year 2012. The real estate segment has acquired several land use rights and began developing one residential project.
Strategically, we sold all remaining inventory of apartment units available for sale in the fourth quarter of fiscal 2011 and have no apartment units available for sale now. Consequently, we minimize the effects of the slower real estate markets on Gold Horse. Moreover, we will keep going forward on track to become one of the most prominent construction and real estate development companies in Inner Mongolia, China and we are confident that the construction and the real estate development in Hohhot, Inner Mongolia and its surrounding areas, a third-tier city, will remain strong in the future.
We are confident that real estate development in Hohhot, Inner Mongolia and its surrounding areas, a third-tier city, will remain strong and will not feel the effects of the slower real estate markets occurring in tier-one cities such as Beijing and Shanghai.