Document:

Ex. 10.22 - Modification to Stock Purchase Agreement

BUSINESS COOPERATION AGREEMENT

This Agreement is made between
NewState Capital Co., Ltd. (hereinafter the "First Party") and Shinhan Bank Ltd.
 (hereinafter the
"Second Party").  This Agreement consists of this agreement and addendum.
Additional addendum may be added whenever necessary after
mutual consultation.

Article 1 (Outline of Agreement)

The Second Party agrees to
fund the First Party’s issuance of ABS by means of a loan in the agreed
upon amount for a certain period of time as agreed between the parties. 

In consideration thereof,
the First Party agrees to hypothecate the mortgages held by it for the benefit
of the Second Party. (The Second Party shall have the right to demand ancillary
recording of the transfer of liens at its sole discretion and the First Party
shall fully comply with such demands.) 

Upon the formation of a
preliminary pool for issuance of ABS, the First Party shall transfer its
mortgages to an SPC in accordance with the Asset Liquidation Law; SPC shall
issue ABS and pay the First Party for the price of the transfer out of the
proceeds; and the First Party shall pay the Second Party’s loan. So that
the ABS may be issued, the Second Party agrees to terminate its liens on the
mortgages and, in exchange, the First Party shall grant to the Second Party
liens on the rights to the proceeds of ABS issuance by virtue of the transfer of
the mortgages. 

The First Party agrees to
hire the Second Party for all the matters necessary for liquidation of the
mortgages and the Second Party agrees to accept such hiring and to undertake all
the duties for orderly and timely processing. 

Article 2 (Validity)

This Agreement shall take
effect upon execution and shall continue to be effective until terminated
pursuant to Article 11 below. 

Article 3 (Loan Terms)

a.  The loan shall be a general business loan with a limited credit line.

b.  The credit line shall be the sum of Twenty Five Billion Won.

c.  Interest shall accrue at the rate of 1.75% above Shinhan Bank Prime Rate.  The interest rate at the time of the execution of this
Agreement is 11.5%.

d.  The maturity of this
loan shall be one year after the first transaction. Provided, however, that each
individually transacted loan shall mature after six (6) months of the loan
including a period of two (2) months necessary for liquidation of mortgages or
when the First Party receives payment from SPC, whichever is earlier. 

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Article 4 (Collateral)

a.  Valid Lien

The First Party shall hold
lawful and valid liens on the collaterals it provides to the Second Party. 

b.  Qualifications of Collateral

The following qualifications shall apply to the collaterals:

        (1)  Apartments shall consist of 80% or more of all the collaterals.

        (2)  Properties located within the metropolitan areas shall consist of 80% or more of all
the collaterals.

        (3)  First priority lien shall be provided in at least 85% of the total loan amount.

        (4)  LTV shall be 65% or less. LTV (Loan To Value) shall mean the ratio of the amount
of loan appraisal value exclusive of priority liens. Appraisal value shall be
the lowest value as determined by Real Estate Bank Magazine or Real Estate 114.
In the absence of such data, it shall be determined by an outside appraisal
firm. 

        (5)  
The amount of loan made to each borrower shall be less than Four Hundred Million
Won and the borrower shall not have a bad credit history. 

c.  Reserve

The First Party agrees to
deposit with the Second Party the sum of Two Hundred Million Won for recording
expenses and, in the event of termination of this Agreement as specified in
Article 5 hereof, the Second party shall have the right to apply the deposit to
the recording expenses without the First Party’s consent. In the event the
Second Party at its reasonable discretion decides to increase the amount of
deposit, the First Party shall comply with it. The deposit shall be returned
forthwith to the First Party upon the termination of this Agreement. 

d.  Ancillary Recording

        (1)  
At the time of the initial collateralization the mortgages, the First Party
shall deliver to the Second Party all documents necessary for ancillary
recording of transfer of liens. In the event of the First Party’s default
in payment, suspension of its business or occurrence of other events which will
jeopardize the payments to the Second Party, the Second Party at its sole
discretion may complete the ancillary recording. The Second Party’s
discretion in this regard shall be absolute and final. 

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        (2)  
The expenses for cancellation of the ancillary recording shall be borne by the
First Party. 

e.  Time Frame

The First Party shall
submit list of borrowers and supporting documents to the Second Party. The
Second party shall commence recording of loan transactions within two (2)
business days of receipt of such documents. 

f.  Escrow Account

The First Party shall make
deposits of the principal and interest it may receive from the borrowers and
guarantors into the escrow account opened with the Second Party and agrees to
pledge the escrow account to the Second Party as collateral for the loan made by
the Second Party. 

Article 5 (Termination)

In the event of occurrence
of any one of the following, the Second Party may terminate this Agreement even
prior to the maturity of loan without any notice and the First Party shall pay
off the loan made under this Agreement: 

        1.  The maturity of the loan is accelerated.

        2.  The credit rating of the First Party's corporate bond drops to BB- or below.

        3.  More than 10% of the collaterals provided by the First Party is disqualified.

Article 6 (Services and Fees)

a.  Issuance of ABS

The First Party hires the
Second Party for all the matters necessary for issuance of ABS and the Second
Party accepts such hiring and agrees to issue ABS within the shortest period of
time unless it will cause substantial disadvantage to the First Party due to
rapid change of interest rate or establishment of excessive subsequent priority
liens. Both parties shall cooperate with each to the fullest extent in issuing
the ABS. 

b.  Fees

       (1)  Arranger fee: 150 basis points /flat (For each issuance, including underwriting fee)

       (2)  Trustee fee: 25 basis points /per annum (To be payable at the end of each quarter based on the outstanding balance of the
ABS at the end of each quarter)

       (3)  Servicer fee: 50 basis points /per annum (To be payable at the end of each quarter based on the outstanding balance of the
ABS at the end of each quarter)

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c.  Time Frame

The liquidation of
mortgages shall take place within a period of four (4) months since the first
loan is made collateralizing the mortgage consisting of the ABS pool regardless
of the size of the pool. In the event the mortgage is transferred to SPC, the
maturity of the loan shall not exceed two (2) months regardless of the
fluctuation of the market interest rate. 

Article 7 (Amendments)

This Agreement may not be amended unless made in writing and signed by both parties.  This Agreement constitute the entire agreement
of the parties.

Article 8 (Good Faith)

Each party shall perform its obligatios in good faith.

Article 9 (Confidentiality)

Either party may not
disclose the information on potential customers obtained in its performance of
this Agreement to any third party. The information on borrowers shall belong
exclusively to the First Party. 

Article 10 (Damages)

The First Party shall perform its obligations with the fiduciary duty and shall compensate
The Second Party for any
damages caused by its negligence. In the event of the termination of this
Agreement due to a party’s default, the defaulting party shall compensate
the other party for any damages caused by its default. 

Article 11 (Duration)

The Agreement shall be
effective for a period of three (3) years unless the Second Party refuses to
extend the loan maturity each year pursuant to Article 3.d. This Agreement shall
be automatically extended for an additional period of one (1) year unless either
party gives a written notice to the other party otherwise at least one (1) month
prior to the expiration. 

Article 12 (Applicable Law and Jurisdiction)

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This Agreement shall be
construed and enforced in accordance with the laws of the Republic of Korea. Any
legal proceedings instituted in connection with this Agreement shall be
subjected to the jurisdiction of the Seoul District Court. 

Dated: May 2, 2001                             
 , 2001

SHINHAN BANK, LTD.              
                          NEWSTATE CAPITAL CO., LTD.

By:  In Ho Lee, President                
                          By:  Byung Ki Kim, President

         (Seal)                                
         
                             (Seal)

Page 5Ex. 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

Page 5

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