Exhibit 4(vv)


                           DATED 14th MARCH, 2005
                           ----------------------

          (1)  CHINA NETCOM GROUP CORPORATION (BVI) LIMITED

               AND

          (2)  CHINA NETCOM CORPORATION (BVI) LIMITED

               AND

          (3)  CHINA NETWORK COMMUNICATIONS GROUP CORPORATION

               AND

          (4)  PCCW LIMITED


                     ---------------------------------------------
                                   DEED OF ASSIGNMENT
                       in relation to the Subscription Agreement
                                dated 19th January, 2005
                     ---------------------------------------------








                               Slaughter and May
                           47th Floor, Jardine House
                              One Connaught Place
                               Central, Hong Kong
                                 (ANH/LHYY/VPM)

                                  HK050320155
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THIS DEED OF ASSIGNMENT is entered into on the day 14th of March, 2005

BETWEEN:-

(1)  CHINA NETCOM GROUP CORPORATION (BVI) LIMITED, (the "Subscriber"), a company
     incorporated in the British Virgin Islands and whose registered office is
     at P.O. Box 3140, Wickhams Cay 1, Road Town, Tortola, British Virgin
     Islands (Business registration number 341457); AND

(2)  CHINA NETCOM CORPORATION (BVI) LIMITED, (the "Alternate Subscriber"), a
     company incorporated in the British Virgin Islands and whose registered
     office is at P.O. Box 3140, Wickhams Cay 1, Road Town, Tortola, British
     Virgin Islands (Business registration number 637903);

     AND

(3)  CHINA NETWORK COMMUNICATIONS GROUP CORPORATION, ("China Netcom"), a
     state-owned enterprise established under the laws of the People's Republic
     of China and whose registered office is at Block C, No. 156 Fuxingmen Nei
     Da Jie, Xi Cheng District, Beijing, People's Republic of China;

     AND

(4)  PCCW LIMITED, (the "Company"), a company incorporated in Hong Kong with
     limited liability and whose registered office is at 39th Floor, PCCW Tower,
     TaiKoo Place, 979 King's Road, Quarry Bay, Hong Kong.

WHEREAS:-

(A)  The Subscriber, the Company and China Netcom entered into a Subscription
     Agreement dated 19th January, 2005 pursuant to which the Subscriber
     conditionally agreed to subscribe for 1,343,571,766 new Shares in the
     Company at a price of HK$5.90 per Share (the "Subscription Shares").

(B)  Clause 4.4 of the Subscription Agreement entitles the Subscriber to assign
     all of its rights under the Subscription Agreement (including the right to
     subscribe for and be issued and allotted the Subscription Shares at
     completion of the Subscription and the rights and benefit of and to the
     Company Warranties) to a company which is wholly-owned by the Subscriber.

(C)  The Subscriber wishes to assign its rights, title and interest in, to and
     under the Subscription Agreement to the Alternate Subscriber. The Alternate
     Subscriber is wholly-owned by the Subscriber, which in turn is wholly-owned
     by China Netcom.


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                                        2


NOW IT IS AGREED as follows:-

2. DEFINITIONS AND INTERPRETATION

2.1  In this Deed (including the Recitals):-

     (A)  capitalised words used but not defined in this Deed shall bear the
          meanings given to them in the Subscription Agreement; and

     (B)  rules of construction and interpretation set out in the Subscription
          Agreement shall apply to this Deed.

2.2  In this Deed, unless otherwise specified:-

     (A)  references to clauses and sub-clauses are to clauses and sub-clauses
          of this Deed; and

     (B)  headings to clauses and schedules are for convenience only and do not
          affect the interpretation of this Deed.

3. ASSIGNMENT

3.1  With effect from the date of this Deed and in consideration of the
     undertakings given by the Alternate Subscriber in clause 4 and the Company
     in clause 5, the Subscriber hereby assigns all of its rights, title and
     interest in, to and under the Subscription Agreement to the Alternate
     Subscriber including:-

     (A)  the right to subscribe for the Subscription Shares at the Subscription
          Price, free from Encumbrances on the terms and subject to the
          conditions set out in the Subscription Agreement;

     (B)  the benefit of the Company Warranties and all other undertakings given
          by the Company to the Subscriber under the Subscription Agreement.

3.2  Notwithstanding the provisions of sub-clause 3.1 and any other provision of
     this Deed, the Subscriber agrees that it shall remain liable for any breach
     by it of the Subscription Agreement, and shall remain bound to perform and
     comply with all its covenants, undertakings and obligations under the
     Subscription Agreement in the event of breach of the Subscription Agreement
     by the Alternate Subscriber (including, without limitation, the obligation
     to subscribe for and pay for the Subscription Shares).

4.   ALTERNATE SUBSCRIBER'S UNDERTAKINGS

4.1  With effect from the date of this Deed and in consideration of the
     undertakings given by the Company in clause 5 and the Subscriber in clause
     6, the Alternate Subscriber hereby undertakes to observe, perform,
     discharge and be bound by the Subscription Agreement as if it were a party
     to the Subscription Agreement in the place of the Subscriber (including,
     without limitation, the obligation to subscribe for and pay for the
     Subscription Shares).


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                                        3


4.2  Notwithstanding the provisions of sub-clause 4.1, nothing in this Deed
     shall:-

     (A)  require the Alternate Subscriber to perform any obligation of the
          Subscriber created by or arising under the Subscription Agreement
          falling due for performance, or which should have been performed,
          before the date of this Deed; or

     (B)  make the Alternate Subscriber liable for any act, neglect, default or
          omission in respect of the Subscription Agreement committed by the
          Subscriber or occurring before the date of this Deed.

5.   THE COMPANY'S UNDERTAKINGS

5.1  With effect from the date of this Deed and in consideration of the
     undertakings given by the Alternate Subscriber in clause 4 and the
     Subscriber in clause 6, the Company hereby:-

     (A)  confirms its consent to and approval of the assignment of the
          Subscriber's rights, title and interest in, to and under the
          Subscription Agreement to the Alternate Subscriber pursuant to clause
          3 above;

     (B)  accepts the Alternate Subscriber's undertaking to observe, perform,
          discharge and be bound by the Subscription Agreement pursuant to
          clause 4 above;

     (C)  confirms that it has received the requisite written notice required
          pursuant to clause 4.4 (B) of the Subscription Agreement; and

     (D)  agrees to observe, perform, discharge and be bound by the Subscription
          Agreement as if the Alternate Subscriber were a party to and executed
          the Subscription Agreement in the place of the Subscriber, including,
          without limitation, undertaking to issue the Subscription Shares to
          the Alternate Subscriber (rather than the Subscriber), but subject to
          the other terms and conditions of the Subscription Agreement.

5.2  Notwithstanding the provisions of sub-clause 5.1:-

     (A)  nothing in this Deed shall affect or prejudice any claim or demand
          whatsoever which the Company may have against the Subscriber in
          relation to the Subscription Agreement; and

     (B)  nothing in this Deed shall affect or prejudice any claim or demand
          whatsoever which the Company may have against the Subscriber under the
          Subscription Agreement in the event that the Alternate Subscriber is
          in breach of its obligations under this Deed and/or the Subscription
          Agreement (including, without limitation, the obligation to subscribe
          for and pay for the Subscription Shares).


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                                        4


6.   REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS OF THE SUBSCRIBER AND THE
     ALTERNATE SUBSCRIBER

6.1  Subscriber

     The Subscriber hereby undertakes, represents and warrants to the Company as
     follows:-

     (A)  It is the legal and beneficial owner of the whole of the issued share
          capital of the Alternate Subscriber.

     (B)  China Netcom is the legal and beneficial owner of the whole of the
          issued share capital of the Subscriber, and the Subscriber is the
          legal and beneficial owner of all the issued shares in CNC HK held by
          the CNC Group.

6.2  Alternate Subscriber

     The Alternate Subscriber hereby undertakes, represents and warrants to the
     Company:-

     (A)  As at the date of this Deed it has (subject to the obtaining by China
          Netcom of the approval of the PRC State Council), and on the
          Completion Date it will have, the full right, power and authority to
          enter into, and to perform its obligations under, this Deed and this
          Deed constitutes its legal, valid and binding obligations enforceable
          in accordance with its terms.

     (B)  As at the date of this Deed it has (subject to the obtaining by China
          Netcom of the approval of the PRC State Council), and on the
          Completion Date it will have, obtained all governmental, regulatory or
          similar consents required from any Authority, authorities, approvals
          and permissions required to enter into, and to perform its obligations
          under, this Deed and there are no regulatory or administrative
          obstacles to the remittance of the Subscription monies to the Company
          in Hong Kong in accordance with the terms of this Deed and the
          Subscription Agreement.

     (C)  The Subscriber is the legal and beneficial owner of the whole of the
          issued share capital of the Alternate Subscriber, and no person has
          any outstanding warrant, option, pre-emptive right or any other right
          of any description to require shares to be allotted or issued by the
          Alternate Subscriber.

     (D)  The execution, delivery and performance by it of this Deed does not
          and will not result in a material breach of any provision in its
          memorandum or articles of association or other constitutional
          documents.

     (E)  No order has been made and no resolution has been passed for the
          winding up of the Alternate Subscriber or for a provisional liquidator
          to be appointed in respect of it and no petition has been presented
          and no meeting has been convened for the purposes of winding up the
          Alternate Subscriber.


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                                       5


     (F)  No administration order has been made and no petition for such an
          order has been presented in respect of the Alternate Subscriber.

     (G)  No receiver (which expression shall include an administrative
          receiver) has been appointed in respect of the Alternate Subscriber.

     (H)  The Alternate Subscriber is not insolvent or unable to pay its debts
          and has not stopped paying its debts as they fall due.

     (I)  No event analogous to any described in paragraphs (E) to (H) has
          occurred in or outside the British Virgin Islands with respect to the
          Alternate Subscriber.

     (J)  Under the laws of the British Virgin Islands, neither the Alternate
          Subscriber nor any of its properties, assets or revenues are entitled
          to any right of immunity on the grounds of sovereignty from any legal
          action, suit or proceedings, from set-off or counter claim, from the
          jurisdiction of any court or arbitral tribunal, from service of
          process, from attachment prior to or in aid of execution of judgment
          or arbitral award, or from other legal process or proceedings for the
          giving of any relief or for the enforcement of any judgment or
          arbitral award.

     (K)  Neither the Alternate Subscriber nor any of its directors or Principal
          Officers, is a Disqualified Person.

6.3  Repetition of Subscriber/Alternate Subscriber Warranties, etc

     (A)  The representations and warranties set out in clauses 6.1 and 6.2 are
          given as at the date hereof and shall be deemed to be repeated by the
          Subscriber and the Alternate Subscriber respectively on the Completion
          Date as if given or made on such date, with reference in each case to
          the facts and circumstances then subsisting.

     (B)  Each of the Subscriber and the Alternate Subscriber undertakes to
          disclose in writing to the Company anything which will be or is
          reasonably likely to be a breach of any of the representations and
          warranties set out in clauses 6.1 and 6.2 on and as at the Completion
          Date promptly after such thing comes to its notice both prior to and
          on the Completion Date. Each of the Subscriber and the Alternate
          Subscriber agrees promptly to provide such information as may be
          reasonably requested by the Company, from the date hereof until the
          Completion Date, in order to enable the Company to assess whether a
          breach of any representations and warranties set out in clauses 6.1
          and 6.2 will occur on the Completion Date.

7.   CHINA NETCOM GUARANTEE

7.1  Guarantee Obligations

     In consideration of the Company entering into this Deed at the request of
     China Netcom (as China Netcom hereby acknowledges), China Netcom shall as
     primary obligations of it:

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                                       6


     (A)  procure that the Alternate Subscriber shall duly observe and perform
          all its obligations owed to the Company under this Deed and the
          Subscription Agreement or any other agreement entered pursuant or
          ancillary to such documents;

     (B)  if and whenever the Alternate Subscriber shall be in default in the
          payment when due of any amount payable to the Company under this Deed
          and/or the Subscription Agreement or any other agreement entered into
          pursuant or ancillary to such documents and within two Business Days
          after being given notice to that effect by the Company, pay to the
          Company all amounts then so payable by the Alternate Subscriber to the
          Company as though China Netcom instead of the Alternate Subscriber was
          expressed to be the principal debtor; and

     (C)  indemnify the Company against all costs and expenses (including legal
          fees) which the Company may pay or incur in collecting any amount
          payable by the Alternate Subscriber or China Netcom and referred to in
          clause 7.1(B).

7.2  Indemnity

     Any amount not paid by the Alternate Subscriber and not recoverable from
     China Netcom on the basis of a guarantee (whether because of any legal
     limitation, disability or incapacity on the part of the Alternate
     Subscriber or any other matter or thing whether known to the Company or
     not) shall nevertheless be recoverable from China Netcom on the basis of an
     indemnity.

7.3  Indulgence etc.

     (A)  China Netcom acknowledges that its liability under this clause 7 shall
          not be discharged or affected in any way by time being given to the
          Alternate Subscriber or by any other indulgence or concession being
          granted to the Alternate Subscriber or by any other act, omission,
          dealing, matter or thing whatsoever (including without limitation any
          change in the constitution of the Alternate Subscriber or China
          Netcom, any amendment to this Deed and/or the Subscription Agreement
          or any such other agreement entered pursuant or ancillary hereto or
          the liquidation, dissolution, reconstruction or amalgamation of the
          Alternate Subscriber or China Netcom or the illegality or
          unenforceability of this Deed or such other agreement) which but for
          this provision might operate to release China Netcom from its
          obligations under this clause 7.

     (B)  China Netcom acknowledges and agrees that its liability under clause
          10 of the Subscription Agreement shall not be discharged or affected
          in any way by the assignment by the Subscriber of its rights, title
          and interest in, to and under the Subscription Agreement to the
          Alternate Subscriber pursuant to this Deed.

7.4  Continuing Guarantee

     The guarantee contained in this clause 7 is a continuing guarantee and
     shall remain in full force and effect until all obligations of the
     Alternate Subscriber hereby guaranteed


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                                       7


     have been discharged in full. It is in addition to and shall not prejudice
     nor be prejudiced by any other guarantee, indemnity or other security or
     right against any third party which the Company may have for the due
     performance of the obligations concerned.

8.   WAIVER OF IMMUNITY

8.1  Immunity

     It is acknowledged that the status of China Netcom in the PRC may afford it
     certain protections and immunities not available to entities wholly
     independent of any state body in the PRC and China Netcom has therefore
     agreed to waive such protections and immunities as set out below.

8.2  Waiver

     China Netcom irrevocably and unconditionally agrees with the Company that
     in respect of any proceedings brought against China Netcom or its assets by
     the Company in relation to this Deed or any other agreement entered into
     pursuant to or as a result of this Deed:

     (A)  no immunity from those proceedings (including, without limitation,
          suit, attachment prior to judgement, other attachment, the obtaining
          of any judgement, execution or other enforcement, or the enforcement
          and execution of any award rendered by an arbitral tribunal
          constituted pursuant to this Deed) will be claimed by or on behalf of
          itself or with respect to its assets;

     (B)  China Netcom shall (and hereby) waives any such right of immunity
          which it or its assets now has or may subsequently acquire; and

     (C)  China Netcom consents generally in respect of any such proceedings to
          the giving of any relief or the issue of any process in connection
          with those proceedings, including, without limitation, the making,
          enforcement or execution against any assets whatsoever (irrespective
          of its use or intended use) of any order or judgement which may be
          made or given in those proceedings or of any award rendered by an
          arbitral tribunal constituted pursuant to this Deed.

9.   CHOICE OF GOVERNING LAW

9.1  This Deed shall be governed by and construed in accordance with the laws of
     England for the time being in force.

10.  ARBITRATION

10.1 Any dispute, controversy or claim arising out of or in connection with this
     Deed, including any question regarding its existence, validity or
     termination, shall be referred to and finally resolved by arbitration under
     the LCIA Rules, which Rules are deemed to be incorporated by reference into
     this clause. The arbitration commission shall be the LCIA.

10.2 The number of arbitrators shall be three.


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                                       8


10.3 The seat of the arbitration shall be London.

10.4 The language to be used in the arbitral proceedings shall be English.

10.5 By agreeing to arbitration pursuant to this clause, the Parties waive
     irrevocably their right to any form of appeal, review or recourse to any
     state court or other judicial authority, insofar as such waiver may validly
     be made. In particular, no Party may apply to the court to determine any
     question of law arising in the course of the arbitration pursuant to
     section 45 of the Arbitration Act 1996 or otherwise, and no Party may
     appeal to the court on a question of law arising out of an award made in
     the arbitration pursuant to section 69 of the Arbitration Act 1996 or
     otherwise.

10.6 The Parties shall have the right to seek interim injunctive relief from a
     court of competent jurisdiction, both before and after the arbitrators have
     been appointed, at any time up until the arbitrators have made the final
     award.

11.  CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

11.1 No person who is not for the time being a Party to this Deed shall have any
     right under the Contracts (Rights of Third Parties) Act 1999 to enforce any
     term of this Deed.

12.  COUNTERPARTS

12.1 This Deed may be executed in any number of counterparts, which shall
     together constitute one deed. Any Party may enter into this Deed by signing
     any such counterpart.

13.  WHOLE AGREEMENT

13.1 This Deed, together with any documents referred to in it, constitutes the
     whole agreement between the Parties relating to its subject matter and
     supersedes and extinguishes any prior drafts, agreements, and undertakings,
     whether in writing or oral, relating to such subject matter, except to the
     extent that the same are repeated in this Deed.

13.2 Each of the Parties acknowledges that it has not been induced to enter into
     this Deed by any representation, warranty, promise or assurance by any of
     the others or any other person save for those contained in this Deed.

14.  VARIATIONS

14.1 No variation of this Deed shall be effective unless made in writing and
     signed by each of the Parties to this Deed.

14.2 No variation of the Subscription Agreement after the execution of this Deed
     shall be effective unless made in writing and signed by each of the Parties
     to this Deed.

14.3 The Company, the Subscriber and China Netcom each undertake and confirm to
     each other and to the Alternate Subscriber that there has been no variation
     or amendment of the Subscription Agreement (whether oral, written or
     otherwise) prior to the execution


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                                       9


     this Deed, and each of them agree and acknowledge that the Subscription
     Agreement in the form annexed to this Deed and marked "A" for the purposes
     of identification constitutes the whole and only agreement between them
     relating to the subscription of, and issue and allotment of the
     Subscription Shares.

15.  FURTHER ASSURANCE

15.1 At any time after the Completion Date every Party hereto shall, at the
     request of any other Party and at such requesting Party's cost, execute or
     procure the execution of such documents and do or procure the doing of such
     acts and things as the requesting Party may reasonably require for the
     purpose of vesting in the requesting Party or its permitted assignees the
     full benefit of all its rights in this Deed.

16.  COSTS

16.1 Each Party shall bear its own costs arising out of or in connection with
     the preparation, negotiation and implementation of this Deed.

17.  DEED BINDING AND ASSIGNMENT

17.1 This Deed shall be binding on and enure for the benefit of each Party's
     respective successors and permitted assigns. No Party shall assign any of
     its rights under this Deed (all of which shall be incapable of assignment)
     or purport to do so without the prior written consent of the other Parties.

18.  WAIVER

18.1 No failure or delay by any Party in exercising any right, power or remedy
     under this Deed shall operate as a waiver thereof, nor shall any single or
     partial exercise of the same preclude any further exercise thereof or the
     exercise of any other right, power or remedy. Without limiting the
     foregoing, no waiver by any Party of any breach of any provision hereof
     shall be deemed to be a waiver of any subsequent breach of that or any
     other provision hereof.

19.  INVALIDITY AND SEVERANCE

19.1 If any provision of this Deed shall be held to be illegal, void, invalid or
     unenforceable under the laws of any jurisdiction, the legality, validity
     and enforceability of the remainder of this Deed in that jurisdiction shall
     not be affected, and the legality, validity and enforceability of the whole
     of this Deed in any other jurisdiction shall not be affected.

20.  NOTICES

20.1 Any notice (which term shall in this clause include any other
     communication) required to be given under this Deed or in connection with
     the matters contemplated by it shall, except where otherwise specifically
     provided, be in writing in the English language.

20.2 Any such notice shall be addressed as provided in sub-clause 20.3 and may
     be:


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                                       10


     (A)  personally delivered, in which case it shall be deemed to have been
          given upon delivery at the relevant address; or

     (B)  if within Hong Kong, sent by pre-paid post, in which case it shall be
          deemed to have been given two Business Days after the date of posting;
          or

     (C)  if from or to any place outside Hong Kong, sent by pre-paid airmail,
          in which case it shall be deemed to have been given seven Business
          Days after the date of posting; or

     (D)  sent by facsimile, in which case it shall be deemed to have been given
          when despatched, subject to confirmation of uninterrupted transmission
          by a transmission report provided that any notice despatched by
          facsimile after 5:00 p.m. on any day shall be deemed to have been
          received at 9:00 a.m. on the next Business Day.

20.3 The addresses and other details of the Parties referred to in sub-clause
     20.2 are, subject to sub-clause 20.4:

     If to the Subscriber, the Alternate Subscriber or China Netcom, to:

     China Netcom Group Corporation (BVI) Limited

     59/F, Bank of China Tower,
     1 Garden Road,
     Hong Kong

     Facsimile:  +852 3108 3823

     Attention:  Wang Chuanbao

     If to the Company, to:

     PCCW Limited

     39th Floor, PCCW Tower,
     TaiKoo Place,
     979 King's Road,
     Quarry Bay,
     Hong Kong

     Facsimile:  +852 2962 5725

     Attention:  The Company Secretary

20.4 Any Party may notify the other Parties of any change to the address or any
     of the other details specified in sub-clause 20.3, provided that such
     notification shall only be effective on the date specified in such notice
     or five Business Days after the notice is given, whichever is later.


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                                       11


IN WITNESS WHEREOF this Deed has been duly executed as a deed by the parties on
the date first above written.

EXECUTED as a Deed by                   )
CHINA NETCOM GROUP CORPORATION          )
(BVI) LIMITED                           )
was affixed in the presence of:-        )



EXECUTED as a Deed by                   )
CHINA NETCOM CORPORATION                )
(BVI) LIMITED                           )
in the presence of:-                    )



EXECUTED as a Deed by                   )
CHINA NETWORK COMMUNICATIONS            )
GROUP CORPORATION                       )
in the presence of:-                    )



The Common Seal of                      )
PCCW LIMITED                            )
was affixed in the presence of:-        )



HK050320155