Ex. 10.23 - Contract for Sale of Real Estate



CONTRACT FOR SALE OF REAL ESTATE

Property:  See the attachment.


Purchase price:  3,400,000,000 Won (including Value Added Tax)

                         (Building 1,000,000,000 Won           Land
2,400,000,000 Won)


Article 1:   The parties
agree to sell and purchase the real estate upon the following terms and
conditions. 


Article 2:  Payment shall be made as follows:


        1.  Contract deposit in the sum of 30,000,000 Won upon execution of this Contract.


        2.  The sum of 465,000,000 Won on March 31, 2000.


        3.  The balance of 2,905,000,000 Won on April 28, 2000.


Article 3:  Delivery of possession shall be made as set forth in the attachment.


Article 4:  The Seller shall
pay the debts and taxes on the property as set forth in the attachment. 


Article 5:  Upon receipt of the balance of the purchase price, the Seller shall deliver to the Buyer all the documents necessary for
recording of the transfer of ownership.


Article 6:  The Seller's default shall be governed as set forth in the attachment.


Article 7:   The area of the
building has been derived from actual measurement and the public records. 


Dated:  March 17, 2000


Seller:  Byung Hoon Chung

            Shinku Apt. #1-501

            Bangbae-Dong, Seocho-Gu, Seoul



Buyer:  NewState Capital Co., Ltd.

            826-24 Yoksam-Dong, Kangnam-Gu, Seoul



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ATTACHMENT


Description of the Property:



2nd Floor and 3rd Floor

Samil Plaza Officetel

837-26 Yoksam-Dong

Kangnam-Gu, Seoul





Details of Each Floor:



2nd Floor:  1,694.41 square meters

                 17 parking spots





3rd Floor:  1,510.06 square meters

                 15 parking spots


Title Matters:



2nd Floor:

                 Owner:  Byung Hoon Chung

                 Mortgagee

                 Leasehold

                 Lienors


3rd Floor:

                 Owner:  Byung Hoon Chung

                 Mortgagee

                 Lienors


Special Agreements


Article 1:  Out of the
proceeds, Seller shall pay the debts of Ssang Yong Fire Insurance as follows: 


        1.  Principal, interest and late charges

        2.  Auction fees


Article 2:  Out of the proceeds, Seller shall pay the debts of Seoul Milk as follows:


        1.  Principal, interest and late charges

        2.  Auction fees


Article 3:   Out of the proceeds,
Seller shall pay the debts of Kangnam-Gu District as follows: 



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        1.  Principal, interest and late charges


Article 4:   Out of the
proceeds, Seller shall pay Korea-Russia Friendship Society as follows: 


Article 5:  Other than the above, the Buyer is authorized to directly pay the mortgagees and lienors as well as other creditors out
of the purchase price.


Article 6:  Seller shall
remove all the equipment and facilities and deliver the possession to the Buyer
by April 22, 2000 together with the certification of removal certified by the
management agent of the building. 


Article 7:  Seller shall pay all the maintenance fees and assessments up until April 22, 2000 and deliver the proof of payment to the
Buyer.


Article 8:  Other than those
mentioned above, Seller shall cause all the other liens on the real estate
removed of record on or before April 22, 2000 so that clean title may be
transferred to the Buyer. 


Article 9:   Seller and Buyer
agree the locations and sizes of four (4) exterior signs of the Buyer and Seller
shall deliver the consent of the management agent to the Buyer on or before
April 22, 2001. 


Article 10:   Buyer shall
have the right to park 32 vehicles in the parking lot free of charge and the
Seller shall deliver the certification of the management agent to the Buyer on
or before April 22, 2001. Fees for additional parking shall be 88,000 Won per
month for each additional vehicle. 


Article 11:   In the event of
the Seller’s default under Articles 4 through 10 and Article 12, Buyer may
cancel this Agreement without any notice and the Seller shall forthwith return
the contract deposit to the Buyer and pay the Buyer ten times of the contract
deposit as liquidated damages. In order to secure the payment herein, Seller
agrees to deliver to Buyer a promissory note with proper notarization in the
amount of 500,000,000 Won. 


Article 12:  Seller shall be
responsible for all the debts and taxes until the day of the transfer of
ownership. 


Article 13:  Seoul District
Court shall have the jurisdiction over any disputes between the parties arising
out of this Agreement. 


Article 14:  Anything not
specifically set forth herein shall be resolved in accordance with trade custom.
Building management agreement shall apply to matters concerning management of
the building. 


Article 15:  This Agreement
is executed in duplicate and the Seller and Buyer shall keep one copy
respectively. 



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Dated:  March 17, 2000



Seller:  Byung Hoon Chung (Seal)

           Resident Registration Number:  430211-1066818

           Shinku Apt. #1-501

           980-50 Bangbae-Dong, Seocho-Gu

           Seoul





Buyer:  NewState Capital Co., Ltd. (Seal)

           826-24 Yoksam-Dong

           Kangnam-Gu, Seoul

           Business ID Number:  220-81-13414

           By:  Byung Ki Kim, Representative Director



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