This new Ultima Online sounds like more than a simple translation from the sound of the press release, as NetDragon will be collaborating with Mythic Entertainment on the new project. In addition, NetDragon will have the exclusive operating rights for the game in China, Hong Kong, Macau, and India.
However the new game sounds like it's being made for Asian audiences only -- not a brand new Ultima Online that will see a world wide release.
UO fans can still rejoice as they will be getting a brand new boxed expansion, the Stygian Abyss, thanks to the efforts of Mythic Entertainment. However, it looks like this brand new game is staying overseas for now.