Feb. 21, 2007 (China Knowledge) – China Network Communications Group Corp. <906> , also known as China Netcom, has announced plans to sell off its entire stake in the joint venture with Hong Kong’s PCCW <8>.

China Netcom wants to sell its 50% stake in the joint venture – China Netcom Broadband Corp. – to a domestic investor for about RMB 318 million, according to a China Netcom statement posted on Beijing's China Equity Exchange Information Centre website.

The statement added that foreign companies are not allowed to bid for its 50% stake in the joint venture, which had net assets of RMB 607 million by the end of 2006.

PCCW invested RMB 318 million for a 50% stake in China Netcom Broadband in August 2005, sharing control of the joint venture with China Netcom.

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