The resort and country club property was the U.S. division's only holding. Dong Shin also sold to America Time East Media a 50% interest in its Australia division, which owns a piece of prime land in the heart of Sydney eligible for development of a shopping mall and a tower block of apartments sitting on the podium of the shopping mall.
Concurrently with the sale, Dong Shin has entered a merger agreement with New Eastern Group, which is a wholly owned real estate subsidiary division of America Time East Media Group. New Eastern Group will be renamed AEMG Dong Shin Developments & Investments. Under the merger agreement, America Time East Media Group has agreed with Dong Shin to consolidate its assets in real estate in the United States, Korea and Asia.
AEMG Dong Shin Developments & Investments intends to initiate an Initial Public Offering and also to file an application for its common stock to be listed on Nasdaq National Market in the first quarter of 2002. AMEG Dong Shin will continue its principal businesses in real estate developments and investments in the United States, China, Hong Kong, Australia and Korea.
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