Thanks to Bill Korsgard's brother-in-law, Steve Green for the following translation and information: 

"This photo was taken by Japanese in Manchuria, pronounced Manshukoku in Japanese. There is no date on it, but, obviously,  it would have been sometime between the mid-thirties and early years of WWII. (The Japanese colonized Manchuria and then created a puppet state there placing a Manchurian into the new throne:  the movie "The Last Emperor" is a pretty good depiction of those events, though it contains no ice-boating!) The text on the postcard is in Japanese. The front reads:  "Sailing on Ice in Ryoko:   In winter water freezes and white-sailed yachts catch the wind and run on it.   It is feels great and is fun to view."  (I do not know where Ryoko is. It would have been the  Japanese name for a Chinese place.)

The horizontal line on the top of the back reads "Ice sailing in Manshukoku."  The vertical line down the center is the name of the company that printed the card."