I voted that it is real, and not CG. However, it could go either way.
the grain in the picture, if it was done on film and then drum scanned, it inconsistent. Therefore, i feel that some parts of the picture were touched up in photoshop. If the picture was digital, there should have been less grain visible on the left shoulder skin; there's plenty of light in that photo to use a lower iso on digital camera.
the picture seems to been have taken at high noon, or when the light outside was very close to 6500K; you can tell this by the color of the light emmiting from her right side (left side fo photo). some of this light is reflecting off her left side of hair (the right side of the photo).
the yellower light on the right side of the photo may have just been some incandescent studio lights to reduce shadows from the light from the window. you can even see some of this light on what appears to be a door/wall in the background.
A soft-box flash may have been used to fill flash her; you can tell this by the way the higher kelvin light of a fill flash is reflecting off her black dress. you can even see the reflection of the soft box or fill flash in her eyes. the reflection may be the studio lights however, judging from the angle that they are at.
on second thought, i think the photo may be a digital camera shot, not film there is chromatic abbiration on the left side of the photo, near the outline of her black dress. I have not seen many good film SLRs that show that much chromatic abbiration, though it has much more to do with lense quality.
face complexion looks normal to that of most fair-skinned asians that i've seen. looks korean to me.
**edit: also you can see a bobby pin in her hair, very faintly at that, i doubt a CG artist would detail it that faintly or at all.
