The resort and country club property was the U.S. division'sonly holding. Dong Shin also sold to America Time East Media a 50%interest in its Australia division, which owns a piece of primeland in the heart of Sydney eligible for development of a shoppingmall and a tower block of apartments sitting on the podium of theshopping mall.

Concurrently with the sale, Dong Shin has entered a mergeragreement with New Eastern Group, which is a wholly owned realestate subsidiary division of America Time East Media Group. NewEastern Group will be renamed AEMG Dong Shin Developments &Investments. Under the merger agreement, America Time East MediaGroup has agreed with Dong Shin to consolidate its assets in realestate in the United States, Korea and Asia.

AEMG Dong Shin Developments & Investments intends toinitiate an Initial Public Offering and also to file an applicationfor its common stock to be listed on Nasdaq National Market in thefirst quarter of 2002. AMEG Dong Shin will continue its principalbusinesses in real estate developments and investments in theUnited States, China, Hong Kong, Australia and Korea.