China Network to Buy 20 percent Stake in PCCW for $1 Billion

From Bloomberg.com: China Network to Buy Stake in PCCW for $1 Billion

"China Network Communications Group Corp., the nation's second-biggest fixed-line phone company, bought a stake in Hong Kong's dominant operator PCCW Ltd. for HK$7.9 billion ($1 billion), gaining a partner for expansion in the world's biggest phone market by subscribers."