Document:

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                                                                   Exhibit 10.47

                    DATED THE DATE SPECIFIED IN THE SCHEDULE

                         US$75,051,790.77 LOAN AGREEMENT

                                     Between

          HUTCHISON TELECOMMUNICATIONS INTERNATIONAL (NETHERLANDS) B.V.

                                  (as Borrower)

                                       and

                   HUTCHISON TELECOMMUNICATIONS (CYPRUS) LTD.

                                   (as Lender)

<PAGE>

                                                                   Exhibit 10.47
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THIS LOAN AGREEMENT is dated the date specified in the Schedule.

BETWEEN

(1)  HUTCHISON TELECOMMUNICATIONS INTERNATIONAL (NETHERLANDS) B.V. ("Borrower");
     and

(1)  HUTCHISON TELECOMMUNICATIONS (CYPRUS) LIMITED ("Lender").

WHEREAS

The background of this transaction is set out in the Schedule.

IT IS AGREED as follows:

1.   DEFINITIONS

     In this Agreement:

     "Business Day" means a day (other than a Saturday or a Sunday) on which
     banks are open for general business in each of the Business Day Locations.

     "Business Day Location" means each of the locations specified as such in
     the Schedule.

     "Drawdown Date" means each date on which each Loan is made available to the
     Borrower.

     "Effective Date" means the date specified as such in the Schedule.

     "Governing Jurisdiction" means the jurisdiction specified as such in the
     Schedule.

     "Governing Law" means the law specified as such in the Schedule.

     "Interest Period" means each period determined under this Agreement by
     reference to which interest on a Loan is calculated.

     "Interest Period Duration" means the period specified as such in the
     Schedule.

     "Interest Rate" means the rate specified as such in the Schedule.

     "Loan" means, unless otherwise stated in this Agreement, the principal
     amount of each Outstanding Loan made available by the Lender to the
     Borrower or the principal amount outstanding of that Outstanding Loan.

     "Outstanding Loan" means each of the loans specified as such in the
     Schedule.

     "Party" means a party to this Agreement.

     "Schedule" means the Schedule to this Agreement.

     "Specified Currency" means the currency specified as such in the Schedule.

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                                       2

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2.   EFFECTIVE DATE

     This Agreement takes effect as from the Effective Date so that all the
     terms of this Agreement are applicable to each of the Outstanding Loans.

3.   REPAYMENT

     The Lender may, at any time, by notice to the Borrower declare that all or
     part of any amounts outstanding under this Agreement are immediately due
     and payable in which event the Borrower must immediately repay the
     outstanding amounts so declared due together with interest accrued thereon.

4.   PREPAYMENT

(a)  The Borrower may prepay any Loan at any time in whole or in part.

(b)  All prepayments under this Agreement must be made with accrued interest on
     the amount prepaid. No premium or penalty is payable in respect of any
     prepayment.

5.   INTEREST

5.1  Rate of interest

     The rate of interest on each Loan for each of its Interest Periods is the
     percentage rate per annum equal to the Interest Rate.

5.2  Payment of interest

     Except where it is provided to the contrary in this Agreement, the Borrower
     must pay accrued interest on each Loan made to it on the last day of each
     of its Interest Period.

5.3  Calculation of interest

     Any interest accruing under this Agreement accrues from day to day and is
     calculated on the basis of the actual number of days elapsed and a year of
     360 days.

6.   INTEREST PERIOD

6.1  Duration

(a)  Each Loan has successive Interest Periods.

(b)  Each Interest Period for a Loan will start on its Drawdown Date or on the
     expiry of its preceding Interest Period and, subject to clause 6.2, will be
     of a duration equal to the Interest Period Duration.

6.2  Consolidation

     Unless the Borrower otherwise requests, an Interest Period for a Loan will
     end on the same day as the current Interest Period for any other Loan. On
     the last day of those Interest Periods, those Loans will be consolidated
     and treated as one Loan.

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                                       3

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7.   PAYMENTS

(a)  All payments by the Parties are to be made in immediately available funds
     to a designated account in the country of the currency. Payments by the
     Borrower must be made without set-off or counterclaim and without any
     deduction. If the Borrower is compelled to make any deductions it will pay
     additional amounts to ensure receipt by the Lender of the full amount which
     the Lender would have received but for such deduction.

(b)  Unless this Agreement specifies that payments under it are to be made in a
     different manner, all amounts payable under this Agreement shall be payable
     in the Specified Currency. Amounts payable in respect of costs and expenses
     are payable in the currency in which they are incurred.

(c)  If a payment under this Agreement is due on a day which is not a Business
     Day, the due date for that payment will instead be the next Business Day in
     the same calendar month (if there is one) or the preceding Business Day (if
     there is not).

8.   REPRESENTATIONS

8.1  Representations

     The representations set out in this Clause are made by the Borrower to the
     Lender.

8.2  Status

(a)  It is a limited liability company, duly incorporated and validly existing
     under the laws of its jurisdiction of incorporation.

(b)  It has the power to own its assets and carry on its business as it is being
     conducted.

8.3  Powers and authority

     It has the power to enter into and perform, and has taken all necessary
     action to authorise the entry into and performance of, this Agreement and
     the transactions contemplated by this Agreement.

8.4  Legal validity

     This Agreement is its legally binding, valid and enforceable obligation.

8.5  Non-conflict

     The entry into and performance by it of, and the transactions contemplated
     by, this Agreement do not conflict with:

     (a)  any law or regulation applicable to it;

     (b)  its or any of its subsidiaries' constitutional documents; or

     (c)  any document which is binding upon it or any of its assets.

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                                       4

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9.   AMENDMENTS OR SUPPLEMENTS

     This Agreement may not be altered, amended or supplemented except by the
     written agreement of the Parties.

10.  ASSIGNMENT

     Neither the Lender nor the Borrower may assign or transfer its rights under
     this Agreement without the prior written consent of the other Party.

11.  COSTS

     The Borrower must pay to the Lender the amount of all costs and expenses
     reasonably incurred by it in connection with this Agreement and the
     transactions contemplated by it and the amount of all costs and expenses
     incurred by it in connection with the enforcement of, or the preservation
     of any rights under, this Agreement.

12.  SEVERABILITY

     If a term of this Agreement is or becomes illegal, invalid or unenforceable
     in any jurisdiction, that shall not affect:

     (a)  the legality, validity or enforceability in that jurisdiction of any
          other term of this Agreement; or

     (b)  the legality, validity or enforceability in other jurisdictions of
          that or any other term of this Agreement.

13.  COUNTERPARTS

     This Agreement may be executed in any number of counterparts. This has the
     same effect as if the signatures on the counterparts were on a single copy
     of this Agreement.

14.  NOTICES

14.1 In writing

(a)  Any communication in connection with this Agreement must be in writing and,
     unless otherwise stated, may be given in person, by post or fax.

(b)  Unless it is agreed to the contrary, any consent or agreement required
     under this Agreement must be given in writing.

14.2 Contact details

(a)  Except as provided below, the contact details of each Party for all
     communications in connection with this Agreement are those specified in the
     Schedule.

(b)  Any Party may change its contact details by giving five Business Days'
     notice to the other Party.

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                                       5

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15.  LAW

     This Agreement shall be governed by Governing Law.

16.  JURISDICTION

     For the benefit of the Lender solely, the Borrower hereby irrevocably
     submits to the Governing Jurisdiction.

This Agreement has been entered into on the date stated at the beginning of this
Agreement.

HUTCHISON TELECOMMUNICATIONS INTERNATIONAL (NETHERLANDS) B.V.

By: /s/ Ting Chan
    --------------------------
Name: Ting Chan
Title: Managing Director
Date: 17 September 2004

HUTCHISON TELECOMMUNICATIONS (CYPRUS) LIMITED

By: /s/ Susan Chow
    --------------------------
Name: Susan Chow
Title: Director
Date: 17 September 2004

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                                       6

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                                    SCHEDULE

1.   Agreement Date:               17 September 2004

2.   Borrower:                     Hutchison Telecommunications International
                                   (Netherlands) B.V., a company incorporated
                                   under the laws of the Netherlands, whose
                                   registered office is situated at De Boelelaan
                                   7, Officia 1, 1083 HJ Amsterdam, the
                                   Netherlands.

3.   Lender:                       Hutchison Telecommunications (Cyprus)
                                   Limited, a company incorporated under the
                                   laws of Cyprus, whose registered office is
                                   situated at Arch, Makariou III, 284 Fortuna
                                   Court, Block B, 2nd Floor, P.C. 3105,
                                   Limassol, Cyprus.

4.   Effective Date:               17 September 2004

5.   Business Day Locations:       Hong Kong

6.   Interest Period Duration:     N/A

7.   Interest Rate:                Interest free

8.   Outstanding Loan:             US$75,051,790.77

9.   Specified Currency:           US$

10.  Governing Law:                Hong Kong laws

11.  Governing Jurisdiction:       Hong Kong courts

12.  Contact Details (Borrower):   Address: 22/F Hutchison House, 10 Harcourt
                                            Road, Hong Kong
                                   Fax:     (852) 2128 1778
                                   Attn:    Company Secretary

13.  Contact Details (Lender):     Address: 22/F Hutchison House, 10 Harcourt
                                            Road, Hong Kong
                                   Fax:     (852) 2128 1778
                                   Attn:    Company Secretary

14.  Additional Provisions:        Clauses 5 and 6 shall not apply

--------------------------------------------------------------------------------<PAGE>

                                                                   Exhibit 10.48

                                Deed of Transfer

We, ADVENT INVESTMENTS PTE. LTD., (hereinafter: the "Transferor") with
registered office at 1 Temasek Avenue, #27-01 Millenia Tower, Singapore 039192,
do hereby transfer to HUTCHISON TELECOMMUNICATIONS INTERNATIONAL (NETHERLANDS)
B.V. (hereinafter: the "Transferee") of Officia 1, De Boelelaan 7, 1083 HJ
Amsterdam, the Netherlands, for valuable consideration paid to us 16,318,920
Ordinary Shares (hereinafter: the "Shares") having a par value of NIS0.01 each,
numbered as set out in the Schedule attached hereto, of Partner Communications
Company Ltd. (hereinafter: the "Company"), to hold unto the Transferee, its
executors, administrators and assigns, subject to the same terms and conditions
on which we held the same at the time of execution hereof; and we, the said
Transferee, do hereby agree to take the Shares subject to the aforesaid terms
and conditions.

In witness hereof we have hereunto set our hands this 17th day of September
2004.

Signed by:

The Transferor:                         The Transferee:

Signature: /s/ Ting Chan                Signature: /s/ Susan Chow
           --------------------------              -----------------------------
Name: Ting Chan                         Name: Susan Chow

Witness to the Signature of:

The Transferor:                         The Transferee:

Signature: /s/ Steven P. Allen          Signature: /s/ Steven P. Allen
           --------------------------              -----------------------------

Name: Steven P. Allen                   Name: Steven P. Allen

<PAGE>

                                                                   Exhibit 10.48

                                    Schedule

                      Particulars of the Shares Transferred

-----------------------------------------------------------------------
     Shares Numbered        Share Certificate Number   Number of Shares
-----------------------------------------------------------------------
4,827,301 - 5,000,000                   65                   172,700
-----------------------------------------------------------------------
9,796,701 - 10,000,000                  66                   203,300
-----------------------------------------------------------------------
69,298,553 - 71,419,998                 67                 2,121,446
-----------------------------------------------------------------------
130,342,660 - 131,459,223               68                 1,116,564
-----------------------------------------------------------------------
131,459,224 - 132,839,996               69                 1,380,773
-----------------------------------------------------------------------
139,730,781 - 139,780,663               70                    49,883
-----------------------------------------------------------------------
139,999,999                             71                         1
-----------------------------------------------------------------------
50,992,570 - 57,249,625                 73                 6,257,056
-----------------------------------------------------------------------
116,909,616 - 119,386,560               76                 2,476,945
-----------------------------------------------------------------------
180,967,074 - 181,116,552               80                   149,479
-----------------------------------------------------------------------
181,119,053 - 181,202,852               82                    83,800
-----------------------------------------------------------------------
181,202,853 - 181,218,820               83                    15,968
-----------------------------------------------------------------------
139,780,664 - 139,880,663               87                   100,000
-----------------------------------------------------------------------
138,768,281 - 138,884,946               93                   116,666
-----------------------------------------------------------------------
138,884,947 - 139,034,425               96                   149,479
-----------------------------------------------------------------------
139,880,664 - 139,964,517              102                    83,854
-----------------------------------------------------------------------
181,278,066 - 181,378,065              103                   100,000
-----------------------------------------------------------------------
181,422,565 - 181,429,330              104                     6,766
-----------------------------------------------------------------------
181,429,331 - 181,510,830              105                    81,500
-----------------------------------------------------------------------
178,892,272 - 178,895,654              123                     3,383
-----------------------------------------------------------------------
181,225,587 - 181,275,065              124                    49,479
-----------------------------------------------------------------------
181,378,066 - 181,414,890              125                    36,825
-----------------------------------------------------------------------
178,888,889 - 178,892,271              136                     3,383
-----------------------------------------------------------------------
181,616,566 - 181,706,252              135                    89,687
-----------------------------------------------------------------------
181,608,566 - 181,616,565              134                     8,000
-----------------------------------------------------------------------
139,964,518 - 139,999,996              137                    35,479
-----------------------------------------------------------------------
181,521,597 - 181,552,734              138                    31,138
-----------------------------------------------------------------------
181,732,824 - 181,792,615              145                    59,792
-----------------------------------------------------------------------
181,805,266 - 181,845,265              160                    40,000
-----------------------------------------------------------------------
178,895,655                            171                    28,931
-----------------------------------------------------------------------
178,943,748                            172                    19,162
-----------------------------------------------------------------------
181,574,923                            173                    10,150
-----------------------------------------------------------------------
181,598,417                            174                    10,149
-----------------------------------------------------------------------
181,719,290                            175                    10,150
-----------------------------------------------------------------------
181,792,616                            176                     8,124
-----------------------------------------------------------------------
124,283,414 - 125,283,413              179                 1,000,000
-----------------------------------------------------------------------
181,991,497 - 182,045,404              185                    53,908
-----------------------------------------------------------------------
182,063,789 - 182,088,788              190                    25,000
-----------------------------------------------------------------------
182,088,789 - 182,118,788              191                    30,000
-----------------------------------------------------------------------
181,585,073-181,595,222                202                    10,150
-----------------------------------------------------------------------
181,850,266-181,925,265                203                    75,000
-----------------------------------------------------------------------
181,925,266-181,940,115                204                    14,850
-----------------------------------------------------------------------
Total                                                     16,318,920
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