Document:

Exhibit 4(nn)

DATED:  13 July 2004

Deed of Charge Over Deposit Account

between

PCCW-HKT Telephone Limited
as Chargor

Standard Chartered Bank (HK) Ltd
[GRAPHIC TRANSLATION OMITTED]
as Issuing Bank

Standard Chartered Bank (HK) Ltd
[GRAPHIC TRANSLATION OMITTED]
as Account Bank

and

PCCW Limited
as Beneficiary
relating to

GUARANTEE FACILITY OF UP TO HK$780,000,000

<PAGE>

                                    CONTENTS

1.   INTERPRETATION............................................................1

2.   CHARGING CLAUSE...........................................................2

3.   RESTRICTION ON REPAYMENT OF THE DEPOSIT(S)................................2

4.   SUBORDINATION.............................................................3

5.   POWERS EXERCISABLE BY THE ISSUING BANK IN RELATION TO THE DEPOSIT(S)......4

6.   NEGATIVE PLEDGE...........................................................5

7.   CONTINUING SECURITY.......................................................5

8.   COSTS, CHARGES AND EXPENSES...............................................5

9.   FORBEARANCE AND PARTIAL INVALIDITY........................................5

10.  SERVICE OF DEMANDS AND NOTICES............................................6

11.  ASSIGNMENT AND PARTICIPATION..............................................8

12.  CONFLICT..................................................................8

13.  FURTHER ASSURANCE.........................................................8

14.  GOVERNING LAW AND JURISDICTION............................................8

<PAGE>

THIS Deed of CHARGE is dated  13 July 2004 and made
-------------------
BETWEEN:

(1)  PCCW-HKT TELEPHONE LIMITED, (the "Chargor" which expression shall include
     its lawful successors, assigns and transferees), a company incorporated
     under the laws of Hong Kong with company number 676 whose registered
     address is at 39/F., PCCW Tower, TaiKoo Place, 979 King's Road, Quarry Bay,
     Hong Kong.

(2)  STANDARD CHARTERED BANK (HK) LTD [GRAPHIC TRANSLATION OMITTED], (the
     "Issuing Bank") whose address is at 4-4A Des Voeux Road, Central, Hong
     Kong.

(3)  STANDARD CHARTERED BANK (HK) LTD [GRAPHIC TRANSLATION OMITTED], (the
     "Account Bank") whose address is at 4-4A Des Voeux Road, Central, Hong
     Kong.

(4)  PCCW LIMITED, (the "Beneficiary"), a company incorporated under the laws of
     Hong Kong with company number 69030 whose registered address is at 39/F.,
     PCCW Tower, TaiKoo Place, 979 King's Road, Quarry Bay, Hong Kong.

WITNESSES as follows:

1.   INTERPRETATION

1.1  In this Deed (including the Schedules), all defined terms have the meanings
     as set out in the Facility Letter unless the context otherwise requires or
     unless defined below to have the meanings respectively set opposite them:

     "Deposit(s)"        all sums of money specified in Schedule 1 to this Deed,
                         which shall include all or any part of the money
                         payable pursuant to such deposit(s) and the debt(s)
                         represented thereby;

     "Facility Letter"   the facility letter dated 13 July 2004 between PCCW-HKT
                         Telephone Limited (as Applicant), Standard Chartered
                         Bank (HK) Ltd [GRAPHIC TRANSLATION OMITTED] (as Issuing
                         Bank) and PCCW Limited (as Beneficiary) relating to the
                         Guarantee Facility of up to HK$780,000,000, which
                         expression shall include any amendments, supplements,
                         accessions, variations or additions to such facility
                         letter;

     "Secured Sums"      all money and liabilities now or in the future due,
                         owing or incurred to the Issuing Bank by the Chargor
                         under the Facility Letter, any Guarantees issued under
                         the Facility Letter and this Deed whether actually or
                         contingently and in whatever name or style, together
                         with all interest, discount, commission, fees, charges,
                         costs and expenses for which the Chargor or the
                         Beneficiary may be or become liable to the Issuing
                         Bank; and

     "Security"          the security constituted by this Deed.

                                      -1-
<PAGE>

1.2  In this Deed, unless the context otherwise requires:

(a)  references to this Deed or any other document include references to this
     Deed or such other document as varied, supplemented, restated and/or
     replaced in any manner from time to time;

(b)  subject to clause 12 (Assignment and Participation), references to any
     party shall, where relevant, be deemed to be references to or to include,
     as appropriate, its lawful successors, assignees or transferees;

(c)  headings are inserted for convenience only and shall be ignored in
     construing this Deed; and

(d)  references to "the security" or "this security" means the security
     constituted by this Deed.

2.   CHARGING CLAUSE

2.1  The Chargor as legal and beneficial owner hereby charges to the Issuing
     Bank by way of first fixed charge the Deposit(s), together with all
     interest from time to time accruing on such Deposit(s) (if any), as
     security for the payment or discharge of all Secured Sums.

2.2  The Chargor hereby assigns to the Issuing Bank for the purposes of, and to
     give effect to this security, its right to require the Account Bank to
     repay to it the Deposit(s) and to pay interest on such Deposit(s) to it.

2.3  For the avoidance of doubt, the Chargor agrees that this Deed is to operate
     by way of security only in favour of the Issuing Bank and that no release
     of any indebtedness existing now or in the future from the Issuing Bank or
     the Account Bank to the Chargor is intended or effected by this Deed.

3.   RESTRICTION ON REPAYMENT OF THE DEPOSIT(S)

3.1  The Chargor agrees that during the currency of this security and
     notwithstanding any term (express or implied) pursuant to which any of the
     Deposit(s) is or may be deposited with the Account Bank or paid to the
     Account Bank or held by the Account Bank, such Deposit(s) shall only be
     repayable upon written request or demand and the Chargor shall not be
     entitled to make any request or demand upon the Issuing Bank or the Account
     Bank for repayment of such Deposit(s) or for payment of interest on such
     Deposit(s), unless the Issuing Bank shall first have agreed to release this
     security insofar as it concerns such Deposit(s).

3.2  Notwithstanding the provisions of Clause 3.1, the Issuing Bank and the
     Account Bank shall permit the Deposit(s) and interest on the Deposit(s) to
     be repaid to the Chargor (and the Chargor shall be entitled to make a
     request or demand upon the Issuing Bank and/or the Account Bank for
     repayment of the Deposit(s) and interest on such Deposit(s)) upon the
     relevant Guarantee issued by the Issuing Bank under the Facility Letter in
     respect of which the relevant Deposit(s) has been made having been returned
     to the Issuing Bank endorsed as discharged by the Beneficiary or the
     Beneficiary having confirmed in writing to the satisfaction of the Issuing
     Bank that the Issuing Bank no longer has any further liability under the
     relevant Guarantees and the obligations and liabilities of the Chargor
     under the Facility Letter in respect of that Guarantee having been
     discharged in full to the satisfaction of the Issuing Bank. In these
     circumstances, the Account Bank shall repay the relevant Deposit(s) made in
     respect of the relevant Guarantee and interest on such

                                      -2-
<PAGE>

     Deposit(s) to the Chargor and the security constituted by this Deed shall
     be released in respect of the amount of such Deposit(s) and interest
     thereon so repaid.

3.3  Any repayment permitted by the Issuing Bank shall not be deemed to be a
     release of this security over any other money or interest then or in the
     future forming part of the Deposit(s) or accrued on such Deposit(s). It is
     hereby expressly agreed that the terms of this Deed shall override the
     terms applicable to the Deposit(s).

4.   SUBORDINATION

     Except for any debt or claim of the Issuing Bank against the Applicant
     under sub-clause 5(a)(v) of the Facility Letter (in relation to the
     initial guarantee issuance fee) or under clause 6 (Commitment Fee and
     Guarantee Issuance Fee) or clause 19 (Expenses) of the Facility Letter, all
     other debts and claims of the Issuing Bank and the Account Bank against the
     Chargor or the Beneficiary under the Facility Letter (including under any
     document the form of which appears as a schedule to the Facility Letter),
     this Deed and/or under or in connection with any and all Guarantees issued
     under the Facility Letter shall be postponed to the remaining Relevant
     Liabilities owed to the Relevant Creditors and, accordingly:-

     (a)  except in the event of the liquidation of the Chargor (to which the
          provisions of (c) below shall apply), the Issuing Bank and the Account
          Bank shall not be permitted to recover or enforce or take any action
          to recover or enforce any such debt or claim of the Issuing Bank or
          the Account Bank against the Chargor, and the Chargor shall not make
          and the Issuing Bank and the Account Bank shall not receive any
          payment in respect of any such debt or claim against the Chargor,
          unless and until all of the remaining Relevant Liabilities of the
          Relevant Creditors have been fully paid or have otherwise been
          discharged, satisfied, released or ceased to exist;

     (b)  the Issuing Bank and the Account Bank shall not, on the ground of any
          such debt or claim against the Chargor (but without prejudice to any
          other ground which the Issuing Bank and/or the Account Bank may have),
          claim any set-off, abatement or other extinction or reduction in
          respect of an amount payable by the Issuing Bank or the Account Bank
          to the Chargor unless and until all of the remaining Relevant
          Liabilities of the Relevant Creditors have been fully paid or have
          otherwise been discharged, satisfied, released or ceased to exist;

     (c)  the Issuing Bank and the Account Bank shall give to the Relevant
          Creditors in respect of such Relevant Liabilities, the benefit of any
          proof which it is entitled to make in the liquidation of the Chargor
          in respect of any such debt or claim against the Chargor and the full
          benefit of the Security in respect of any such debt or claim, until
          the remaining Relevant Liabilities of the Relevant Creditors have been
          fully paid or have otherwise been discharged, satisfied, released or
          ceased to exist;

     (d)  except in the event of the liquidation of the Beneficiary (to which
          the provisions of (f) below shall apply), the Issuing Bank and the
          Account Bank shall not be permitted to recover or enforce or take any
          action to recover or enforce any such debt or claim of the Issuing
          Bank or the Account Bank against the Beneficiary, and the Beneficiary
          shall not make and the Issuing Bank and the Account Bank shall not
          receive any payment in respect of any such debt or claim against the
          Beneficiary, unless and until all of the remaining Relevant
          Liabilities of the Relevant Creditors have been fully paid or have
          otherwise been discharged, satisfied, released or ceased to exist;

                                      -3-
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     (e)  the Issuing Bank and the Account Bank shall not, on the ground of any
          such debt or claim against the Beneficiary (but without prejudice to
          any other ground which the Issuing Bank and/or the Account Bank may
          have), claim any set-off, abatement or other extinction or reduction
          in respect of an amount payable by the Issuing Bank or the Account
          Bank to the Beneficiary unless and until all of the remaining Relevant
          Liabilities of the Relevant Creditors have been fully paid or have
          otherwise been discharged, satisfied, released or ceased to exist;

     (f)  the Issuing Bank and the Account Bank shall give to the Relevant
          Creditors in respect of such Relevant Liabilities, the benefit of any
          proof which it is entitled to make in the liquidation of the
          Beneficiary in respect of any such debt or claim against the
          Beneficiary and the full benefit of the Security in respect of any
          such debt or claim, until the remaining Relevant Liabilities of the
          Relevant Creditors have been fully paid or have otherwise been
          discharged, satisfied, released or ceased to exist.

     Following all the Relevant Liabilities of the Relevant Creditors having
     been fully paid or having otherwise been discharged, satisfied, released or
     ceased to exist, the debts and claims of the Issuing Bank and the Account
     Bank against the Applicant or the Beneficiary under the Facility Letter,
     this Deed and/or under or in connection with any and all Guarantees issued
     under the Facility Letter, shall rank at least equally with all the other
     unsecured and unsubordinated obligations of the Applicant or the
     Beneficiary (as the case may be) at the relevant time.

5.   POWERS EXERCISABLE BY THE ISSUING BANK IN RELATION TO THE DEPOSIT(S)

5.1  Subject to clause 4, the Issuing Bank may, enforce this security without
     further notice to the Chargor and without any further or other consent from
     the Chargor upon or at any time after an amount which is due and payable by
     the Chargor or the Beneficiary to the Issuing Bank under the Facility
     Letter or the Guarantee has not been paid on the due date for payment, by
     applying or transferring as the Issuing Bank thinks fit all or part of any
     money subject to this security at any time or times (whether on or before
     or after the expiry of any fixed or minimum period for which such money may
     have been deposited) in or towards satisfaction of all or such part of the
     Secured Sums the Issuing Bank may determine as are due and payable to the
     Issuing Bank under the Facility Letter or any Guarantee issued thereunder
     but which have not been paid on the due date for payment. Any debt or claim
     of the Issuing Bank or the Account Bank against the Chargor or the
     Beneficiary which is subject to the subordination provisions of clause 16
     of the Facility Letter or clause 4 of the Guarantee shall not be regarded
     as (or determined by the Issuing Bank to be) an amount which is due and
     payable by the Chargor or the Beneficiary, as the case may be, unless and
     until all the Relevant Liabilities of the Relevant Creditors have been
     fully paid or have otherwise been discharged, satisfied, released or ceased
     to exist.

5.2  The Issuing Bank is hereby irrevocably empowered and authorised as the
     Chargor's attorney in its name and at its expense, and as its act or deed
     or otherwise, to execute and deliver such documents and give such
     instructions as may be required to give effect to this Deed including
     (without limitation) instructions for the use of any money or interest
     subject to this security to purchase any currency or currencies required to
     effect the application of such money or interest upon and subject to the
     terms and conditions of this Deed.

5.3  The Issuing Bank shall not be liable for any loss sustained by the Chargor
     in consequence of the exercise of the Issuing Bank's rights under this Deed
     (other than any loss caused by the wilful neglect and gross negligence of
     the Issuing Bank), including (without limitation)

                                      -4-
<PAGE>

     any loss of interest caused by the determination before maturity of the
     Deposit(s) or by the fluctuation in any exchange rate at which currency may
     be bought or sold by the Issuing Bank.

6.   NEGATIVE PLEDGE

     The Chargor may not assign or create, or permit to subsist, any fixed or
     floating charge or other security interest of any kind or any trust over
     any money or interest subject to this security or its right or interest
     therein, or agree to do so, except in favour of the Issuing Bank.

7.   CONTINUING SECURITY

     This security shall be a continuing security notwithstanding any
     intermediate payments or settlement of accounts or other matters whatsoever
     and shall be in addition to and shall not prejudice or be prejudiced by any
     right of set-off, combination, lien, or other rights exercisable by the
     Issuing Bank against the Chargor or by any security, guarantee, indemnity
     and/or negotiable instrument now or in the future held by the Issuing Bank,
     provided that any such rights and any such security, guarantee, indemnity
     and/or negotiable instrument shall be subject to the provisions of clause 4
     above.

8.   COSTS, CHARGES AND EXPENSES

8.1  Subject, in each case, to clause 4, all costs, charges, losses and expenses
     (including all professional fees and disbursements) and all other sums paid
     or incurred reasonably and properly by the Issuing Bank or the Account Bank
     under or in connection with this Deed or in respect of the Deposit(s) or
     the Secured Sums:-

     (a)  shall be recoverable (on a full indemnity basis) from the Chargor as a
          debt payable on demand;

     (b)  may be debited without notice to any account of the Chargor (other
          than the account specified in Part 2 of Schedule 1);

     (c)  shall bear interest according to the provisions of clause 20 of the
          Facility Letter from the date on which the relevant cost, charge,
          loss, expense or such other sums paid or incurred by the Issuing Bank
          or the Account Bank would, but for the provisions of clauses 4, 5.1
          and/or 9.1 of this Deed, be due and payable hereunder; and

     (d)  shall be charged on the Deposit(s).

8.2  Without prejudice to the generality of clause 8.1 but subject to clause 4,
     the costs recoverable by the Issuing Bank and/or the Account Bank under
     this Deed shall include (i) all costs (whether or not allowable on a
     taxation by the Court) of all proceedings for the enforcement of this Deed
     or for the recovery or attempted recovery of the Secured Sums, (ii) all
     money expended and all costs arising out of the exercise of any power,
     right or discretion conferred by this Deed, (iii) all costs and losses
     arising from any default by the Chargor in the payment when due of any of
     the Secured Sums or the performance of its obligations under this Deed and
     (iv) all reasonably and properly incurred administrative charges of the
     Issuing Bank and/or the Account Bank based on time spent by its employees
     and agents in connection with the affairs of the Chargor.

                                      -5-
<PAGE>

9.   SET-OFF

9.1  Subject to clause 4, and without prejudice to the Issuing Bank's and/or
     Account Bank's foregoing rights and as a separate and independent
     stipulation, the Chargor agrees that, without notice to it, the Issuing
     Bank and/or Account Bank may at any time after an amount which is due and
     payable by the Chargor or the Beneficiary to the Issuing Bank under the
     Facility Letter or the Guarantee has not been paid on the due date for
     payment, combine or consolidate any or all sums of the money now or
     subsequently standing to the Chargor's credit upon current account, deposit
     account or any other account or otherwise in whatever currency in any part
     of the world (whether opened with the Account Bank or opened by the Issuing
     Bank on the Chargor's behalf with some third party and whether opened in
     the Chargor's name or in the Issuing Bank's name in respect of the
     Chargor's liabilities to the Issuing Bank or otherwise) with all or such
     part of the Secured Sums the Issuing Bank may determine as are due and
     payable under the Facility Letter or any Guarantee issued thereunder but
     which have not been paid on the due date for payment. Subject to clause 4,
     the Issuing Bank may purchase with any such money any other currency
     required to effect such combination. Any debt or claim of the Issuing Bank
     or the Account Bank against the Chargor or the Beneficiary which is subject
     to the subordination provisions of clause 16 of the Facility Letter or
     clause 4 of the Guarantee shall not be regarded as (or determined by the
     Issuing Bank to be) an amount which is due and payable by the Chargor or
     the Beneficiary, as the case may be, unless and until all the Relevant
     Liabilities of the Relevant Creditors have been fully paid or have
     otherwise been discharged, satisfied, released or ceased to exist.

9.2  The Issuing Bank and the Account Bank shall not be entitled to combine or
     consolidate all or any part of the Deposit(s) with or apply the same in
     repayment of any sums which are or become owing or are due or become due
     respectively to the Issuing Bank and the Account Bank by the Chargor other
     than in the circumstances set out in clause 5.1

10.  FORBEARANCE AND PARTIAL INVALIDITY

10.1 No delay or omission of the Issuing Bank and/or the Account Bank in
     exercising any right, power or privilege under this Deed shall operate to
     impair such right, power or privilege or be construed as a waiver of it. A
     single or partial exercise of any right, power or privilege shall not in
     any circumstances preclude any other or further exercise of it or the
     exercise of any other right, power or privilege.

10.2 If at any time any provision of this Deed is or becomes illegal, invalid or
     unenforceable in any respect, the legality, validity or enforceability of
     the remaining provisions of this Deed shall not in any way be affected or
     impaired.

11.  SERVICE OF DEMANDS AND NOTICES

11.1 Any notice or other communication to be given under this Deed shall be in
     writing and, in the case of any notice or communication to the Chargor or
     the Beneficiary, shall be deemed to have been duly served:

     (a)  if delivered by hand, at the time of actual delivery;

     (b)  if transmitted by facsimile, at the time the facsimile transmission
          report (or other appropriate evidence) confirming that the facsimile
          transmission has been transmitted to the addressee is received by the
          sender; and

                                      -6-
<PAGE>

     (c)  if sent by post, at noon on the second Business Day (in the case of an
          address in Hong Kong) or the fifth Business Day (in the case of an
          address outside Hong Kong) following the day of posting and shall be
          effective if it is misdelivered or returned undelivered.

     In proving such service it shall be sufficient to prove that personal
     delivery was made, or that the envelope containing the communication was
     correctly addressed and posted, or that a facsimile transmission report (or
     other appropriate evidence) was obtained that the facsimile had been
     transmitted to the addressee.

11.2 For the purposes of this clause 11 the authorised address of each party
     shall be the address set out below (including the details of the facsimile
     number and person for whose attention a notice or communication is to be
     addressed) or such other address (and details) as that party may notify to
     the other in writing from time to time in accordance with the requirements
     of this clause:

     (a) The Chargor:           PCCW-HKT Telephone Limited

          Address:              39/F, PCCW Tower
                                TaiKoo Place, 979 King's Road
                                Quarry Bay
                                Hong Kong

          Facsimile No:         (852) 2962 5725

          Attention:            Company Secretary

     (b)  The Issuing Bank:     Standard Chartered Bank (HK) Ltd

                                [GRAPHIC TRANSLATION OMITTED]

          Address:              13/F Standard Chartered Bank Building
                                4-4A Des Voeux Road Central
                                Hong Kong

          Facsimile No:         (852) 2821 1339

          Attention:            Clara Wong, Senior Relationship Manager

     (c)  The Account Bank:     Standard Chartered Bank (HK) Ltd

                                [GRAPHIC TRANSLATION OMITTED]

          Address:              13/F Standard Chartered Bank Building
                                4-4A Des Voeux Road Central
                                Hong Kong

          Facsimile No:         (852) 2821 1339

          Attention:            Clara Wong, Senior Relationship Manager

     (d)  The Beneficiary:      PCCW Limited

          Address:              39/F, PCCW Tower

                                      -7-
<PAGE>

                                TaiKoo Place, 979 King's Road
                                Quarry Bay
                                Hong Kong

          Facsimile No:         (852) 2962 5725

          Attention:            Company Secretary

          With a copy to:       PCCW Limited

          Address:              39/F, PCCW Tower
                                TaiKoo Place, 979 King's Road
                                Quarry Bay
                                Hong Kong

          Facsimile No:         (852) 2521 5979

          Attention:            Group Treasurer

11.3 Any communication to the Issuing Bank or to the Account Bank shall be sent
     to the Issuing Bank or the Account Bank at the respective authorised
     addresses or facsimile numbers and marked for the attention of the
     person(s) referred to above and shall be deemed to have been given only on
     actual receipt by the Issuing Bank or the Account Bank, as the case may be.

12.  ASSIGNMENT AND PARTICIPATION

     The Issuing Bank may not assign or transfer all or any part of its rights
     in relation to this Deed, the Deposit(s) and/or the Secured Sums to any
     person or otherwise grant an interest in them to any person. The Issuing
     Bank may at any time grant rights of sub-participation in all or any part
     of its rights or benefits under the Facility Letter.

13.  CONFLICT

     In the event of any conflict between the terms of the Facility Letter and
     the terms of this Deed, the terms of the Facility Letter shall prevail.

14.  FURTHER ASSURANCE

     The Chargor shall at its own cost and on demand by the Issuing Bank in
     writing execute and deliver to the Issuing Bank all such instruments and
     other documents and take all such action as the Issuing Bank may from time
     to time reasonably request in order to give full effect to this Deed.

15.  AMENDMENT

     No amendment to this Deed is effective for any purpose unless it has been
     expressly agreed to in writing by each party to this Deed.

16.  GOVERNING LAW AND JURISDICTION

16.1 This Deed shall be governed by, construed and take effect in accordance
     with the laws of

                                      -8-
<PAGE>

     Hong Kong.

16.2 The Hong Kong courts shall have jurisdiction to settle any claim, dispute
     or matter of difference which may arise out of or in connection with this
     Deed (including without limitation claims for set off or counterclaim) or
     the legal relationships established by this Deed, but without prejudice to
     the Issuing Bank's right to commence proceedings against the Chargor in any
     other jurisdiction.

THIS DEED has been executed as a deed by the Chargor and it shall take effect on
the day and year first above written.

                                   SCHEDULE 1

                                     Part 1

                          Definition of the Deposit(s)

In this Deed the expression "Deposit(s)" means all sums of money in Hong Kong
 Dollars:-

(a)  deposited or paid by the Chargor now or at any time hereafter to the credit
     of the account(s) with the Account Bank specified in Part 2 of this
     Schedule and/or (where the context permits) any additional and/or
     substitute account(s) in the future opened with the Account Bank for the
     deposit or holding of all or part of the money or interest subject to this
     security (including in each case such account as redesignated and/or
     renumbered from time to time); and

(b)  representing the renewal or replacement of or for any sums deposited or
     paid or held as set out in the foregoing paragraph; and

(c)  all and any interest payable and/or paid on or in respect of (a) and/or (b)
     above from time to time.

                                     Part 2

                          Details of Charged Account(s)

     Account Name: PCCW-HKT Telephone Limited Account No: 447-166-10100

                                      -9-
<PAGE>

                                   SCHEDULE 2

                Notice of Charge over Interest in Deposit Account

To:  Standard Chartered Bank (HK) Ltd
     [GRAPHIC TRANSLATION OMITTED]
     (as Account Bank and Issuing Bank)
     For the attention of: Clara Wong, Senior Relationship Manager
     Fax: (852) 2821 1339

                                                                    13 July 2004

PCCW-HKT Telephone Limited - Deposit Account

We refer to the Deed of Charge over Deposit Account (the "Deposit Account
Charge") dated on or around the date of this notice and made between ourselves
as Chargor (1) Standard Chartered Bank (HK) Ltd [GRAPHIC TRANSLATION OMITTED] as
Account Bank (2) Standard Chartered Bank (HK) Ltd [GRAPHIC TRANSLATION OMITTED]
as Issuing Bank (3) and PCCW Limited as the beneficiary of certain guarantees to
be issued under the Facility Letter. Terms as used herein have the same meanings
as set out herein or as defined in the Deposit Account Charge.
We hereby give you notice that  pursuant  to the Deposit  Account  Charge we, as
beneficial  owner, have charged by way of first fixed charge to the Issuing Bank
all our rights,  title and  interest in and to all sums which may at any time be
standing  to the  credit of the  account  listed in the table  below,  which was
opened by us in your books (the "Deposit Account").

================================================================================

           Company/account description                       Deposit
                                                          Account number
--------------------------------------------------------------------------------

     Account name: PCCW-HKT Telephone Limited               447-166-10100
================================================================================

In connection therewith and by way of security for the Secured Sums (as defined
in the Deposit Account Charge) we hereby irrevocably and unconditionally
instruct and authorise you (notwithstanding any previous instructions whatsoever
which we may have given you to the contrary):

(a)  to disclose to the Issuing Bank without any reference to or further
     authority from us and without any enquiry by you as to the justification
     for such disclosure, such information relating to the Deposit Account, the
     amount from time to time standing to the credit thereof (the "Deposit
     Account Funds") and the debts represented thereby as the Issuing Bank may,
     at any time and from time to time, request you to disclose to it;

(b)  at any time and from time to time upon receipt by you of instructions in
     writing from the Issuing Bank to release or to pay to the Issuing Bank any
     amount of the Deposit Account Funds and generally to act in accordance with
     such instructions in relation to the Deposit Account and the Deposit
     Account Funds, without any reference to or further authority from us and
     without any enquiry by you as to the justification for such instructions or
     the validity thereof;

                                      -10-
<PAGE>

(c)  to comply with the terms of any written notice, statement or instructions
     in any way relating or purporting to relate to the Deposit Account, the
     Deposit Account Funds or the debts represented thereby which you may
     receive at any time and from time to time from the Issuing Bank without any
     reference to or further authority from us and without any enquiry by you as
     to the justification for such notice, statement or instructions or the
     validity thereof;

(d)  not to act upon our instructions with regard to the Deposit Account or the
     Deposit Account Funds unless the Issuing Bank agrees in writing otherwise.

The instructions and authorisations which are contained in this letter shall
remain in full force and effect until we and the Issuing Bank together give you
notice in writing revoking them.

In consideration of your accepting the instructions and authorisations which are
contained in this letter we undertake not to take or bring any action, suit,
proceedings, claim or demand against you in relation to or arising out of your
acting on or complying with such instructions and authorisations.

This letter shall be governed by and construed in accordance with Hong Kong law.

Would you please acknowledge receipt of this letter and your acceptances of the
instructions and authorisations contained in it by sending a letter addressed to
us and to the Issuing Bank in the form attached hereto.

Yours faithfully

For and on behalf of
PCCW-HKT Telephone Limited

---------------------------------
Name:
Title:

                                      -11-
<PAGE>

                                   SCHEDULE 3

      Acknowledgement of Notice of Charge over Interest in Deposit Account

                 [*ON THE HEADED NOTEPAPER OF THE ACCOUNT BANK*]

To:   PCCW-HKT Telephone Limited (the "Company")
      39/F PCCW Tower
      TaiKoo Place
      979 King's Road
      Quarry Bay
      Hong Kong

Attn: Company Secretary

                                                                      [*date*]

Dear Sirs

Re:   Deposit Account No. 447-166-10100

We hereby acknowledge receipt of a letter (a copy of which is attached hereto)
dated 13 July 2004 and addressed to us by the Company and hereby accept the
instructions and authorisations contained therein and undertake to act in
accordance and comply with the terms thereof. Terms as used herein have the same
meaning as set out in the attached letter or as defined in the Deposit Account
Charge (referred to in the attached letter).

We hereby acknowledge and confirm to the Issuing Bank that:

(a)  without prejudice to our rights under the Deposit Account Charge (referred
     to in the attached letter), as at this date no rights of counterclaim,
     rights of set-off or any other equities whatsoever have arisen in our
     favour against the Company in respect of the Deposit Account Funds or the
     debts represented thereby or any part thereof and (except as provided in
     the Deposit Account Charge) we will not make any claim or demands or
     exercise any rights of counterclaim, rights of set-off or any other
     equities whatsoever against the Company in respect of the Deposit Account
     Funds or any part thereof; and

(b)  we have not, as at the date hereof, received any notice that any third
     party has or will have any right or interest whatsoever in or has made or
     will be making any claim or demand or taking any action whatsoever against
     the Deposit Account Funds or the debts represented thereby or any part
     thereof.

We undertake that in the event of our becoming aware at any time that any person
or entity other than the Issuing Bank has or will have any right or interest
whatsoever thereby or any part thereof we will forthwith give written notice of
the terms thereof to the Issuing Bank.

We have made the acknowledgements and confirmations and have given the
undertakings set out in this letter in the knowledge that they are required by
the Issuing Bank in connection with the security which has been constituted by
the Company in favour of the Issuing Bank under the Deposit Account Charge.

                                      -12-
<PAGE>

This letter shall be governed by and construed in accordance with Hong Kong law.

Yours faithfully

...................................
For and on behalf of
Standard Chartered Bank (HK) Ltd
[GRAPHIC TRANSLATION OMITTED]
(as Account Bank)

                                      -13-
<PAGE>

CHARGOR

THE COMMON SEAL of
PCCW-HKT Telephone Limited
was hereunto affixed (pursuant to
a resolution of its Board of Directors
and its Articles of Association)
in the presence of:

ISSUING BANK

SIGNED for and on behalf of
Standard Chartered Bank (HK) Ltd
[GRAPHIC TRANSLATION OMITTED]
by:

ACCOUNT BANK

SIGNED for and on behalf of
Standard Chartered Bank (HK) Ltd
[GRAPHIC TRANSLATION OMITTED]
by:

BENEFICIARY

SIGNED for and on behalf of
PCCW Limited
by:

                                      -14-Exhibit 4(oo)

                          Dated October 28, 2004

                    (1)    ASIAN MOTION LIMITED

                    (2)    LEHMAN BROTHERS ASIA LIMITED

                  -------------------------------------------------

                               PLACING AGREEMENT
                                  relating to
                            shares in the capital of
                  PACIFIC CENTURY PREMIUM DEVELOPMENTS LIMITED

                  -------------------------------------------------

                                                       RICHARDS BUTLER
                                                       20/F, Alexandra House
                                                       16-20 Chater Road
                                                       Central
                                                       Hong Kong

<PAGE>

THIS AGREEMENT is dated October 28, 2004 and made

BETWEEN:

1.   ASIAN MOTION LIMITED, a company incorporated in the British Virgin Islands
     and whose registered office is at P.O. Box 957, Offshore Incorporations
     Centre, Road Town, Tortola, British Virgin Islands (the "Vendor");

2.   LEHMAN BROTHERS ASIA LIMITED, whose principal place of business in Hong
     Kong is at Level 38, One Pacific Place, 88 queensway, Hong Kong (the
     "Placing Agent").

WHEREAS the Vendor [(together with its associates)] is the beneficial owner of
Placing Shares (as defined below) and the Vendor has agreed to appoint the
Placing Agent as placing agent for the purpose of procuring, as agent of the
Vendor, purchasers for the Placing Shares on the terms and subject to the
conditions set out in this Agreement,

THE PARTIES AGREE THAT:

1.   INTERPRETATION

1.1  Definitions: In this Agreement and the Introduction:

     "Accounts"                  the audited consolidated profit and loss
                                 accounts of the Property Group for the
                                 financial year ended on the Accounts Date and
                                 the audited consolidated balance sheet of the
                                 Property Group as at the Accounts Date, both
                                 as set out in Appendix I of the circular
                                 issued by the Company dated 2nd April, 2004;

     "Accounts Date"             31st December, 2003;

     "Associates"                the meaning given to that term in the Listing
                                 Rules;

     "Business Day"              any day (excluding a Saturday) on which banks
                                 generally are open for business in Hong Kong;

     "CCASS"                     the Central Clearing and Settlement System
                                 operated by Hong Kong Securities Clearing
                                 Company Limited;

     "Companies Ordinance"       the Companies Ordinance (Cap. 32 of the Laws
                                 of Hong Kong);

                                      -1-
<PAGE>

     "Company"                   Pacific Century Premium Developments Limited
                                 (stock code: 432), a company whose Shares are
                                 listed on the Stock Exchange;

     "Completion"                completion of the Placing in accordance with
                                 Clause 4;

     "Group"                     the Company and its Subsidiaries and the
                                 expression "member of the Group" shall be
                                 construed accordingly;

     "HK$"                       Hong Kong currency;

     "Hong Kong"                 the Hong Kong Special Administrative Region of
                                 the People's Republic of China;

     "Listing Rules"             the Rules Governing the Listing of Securities
                                 on The Stock Exchange of Hong Kong Limited;

     "Placee"                    any institutional investor procured by the
                                 Placing Agent to purchase any of the Placing
                                 Shares pursuant to the Placing Agent's
                                 obligations hereunder;

     "Placing"                   the offer by way of a private placing of the
                                 Placing Shares procured by the Placing Agent
                                 to selected investors on the terms and subject
                                 to the conditions set out in this Agreement;

     "Placing Announcement"      the press announcement in the agreed form
                                 proposed to be issued by the Company and the
                                 Vendor jointly immediately following the
                                 execution of this Agreement;

     "Placing Completion Date"   1st November, 2004 or such other date as the
                                 Vendor and the Placing Agent shall agree in
                                 writing;

     "Placing Period"            the period commencing upon the execution of
                                 this Agreement and terminating at 2:00 p.m. on
                                 the Business Day prior to the Placing
                                 Completion Date, unless terminated earlier
                                 pursuant to the terms of this Agreement;

     "Placing Price"             the price of HK$2.18 per Placing Share;

     "Placing Shares"            118,000,000 Shares;

     "Property Group"            has the meaning ascribed thereto in the
                                 circular issued by the Company dated 2nd
                                 April, 2004

     "Regulation S"              Regulation S under the US Securities Act;

     "Shares"                    fully paid ordinary shares of HK$0.10 each in
                                 the capital of the Company;

                                      -2-
<PAGE>

     "SFC"                       the Securities and Futures Commission of Hong
                                 Kong;

     "Stock Exchange"            The Stock Exchange of Hong Kong Limited;

     "Subsidiary"                has the same meaning as in Section 2 of the
                                 Companies Ordinance;

     "Takeovers Code"            Hong Kong Code on Takeovers and Mergers;

     "Transfer Documents"        has the meaning given to it in Clause 4.1;

     "United States"             has the meaning given in Regulation S; and

     "US Securities Act"         the United States Securities Act of 1933, as
                                 amended.

1.2  Agreed Form: Any reference to a document being "in the agreed form" means
     in the form of a document or and the draft thereof signed for
     identification on behalf of the Vendor and the Placing Agent with (in the
     case of a draft) such alterations (if any) as may be agreed between the
     Vendor and the Placing Agent.

1.3  Reference: References in this Agreement to persons include references to
     bodies corporate and references to the singular include references to the
     plural and vice versa. References to "Clauses" are references to the
     clauses of this Agreement.

1.4  Headings: Headings are inserted for convenience only and shall not affect
     the interpretation of this Agreement.

2.   APPOINTMENT OF PLACING AGENT

2.1  Appointment: The Vendor hereby agrees to appoint the Placing Agent and the
     Placing Agent, relying on the representations, warranties and undertakings
     herein contained, agrees to act as the placing agent for the Vendor in
     connection with the Placing on the terms provided for in this Agreement.

2.2  Placing Agent's powers: The Vendor hereby confirms that this appointment
     confers on the Placing Agent, in accordance with the provisions hereof,
     all powers, authorities and discretion on behalf of the Vendor which are
     necessary for, or reasonably incidental to, the Placing (including,
     without limiting the foregoing and if necessary, the completion of the
     relevant contract notes on behalf of the Vendor and the submission of such
     contract notes and other documents for stamping and registration).

2.3  Sub-placing agents: The Placing Agent may in turn appoint other
     sub-placing agents to procure purchasers for the Placing Shares. The
     Placing Agent confirms and undertakes that it shall require any
     sub-placing agent or other person through whom it may effect the Placing
     or offer any Placing Shares to observe the provisions of this Agreement.
     Any transaction legally, properly and reasonably carried out by the
     Placing Agent (and any sub-placing agent) shall constitute a transaction
     carried out at the request of the

                                      -3-
<PAGE>

          Vendor and as its agent and not in respect of the Placing Agent's own
          account.

2.4  Information: The Vendor shall:

     (a)  provide to the Placing Agent, at its request, with all such
          information known to it or which on reasonable enquiry ought to be
          known to it and relating to the Group as may be reasonably required
          by the Placing Agent in connection with the Placing for the purposes
          of complying with all requirements of applicable law or of the Stock
          Exchange or of the SFC; and

     (b)  promptly provide to the Placing Agent particulars of every
          significant new matter known to them which is in their reasonable
          opinion capable of materially affecting assessment of the Placing
          Shares in the context of the Placing which arises between the date
          hereof and 12:00 noon on the Placing Completion Date.

2.5  The Vendor shall sell the Placing Shares to be sold pursuant to the
     Placing free from all liens, charges and encumbrances and together with
     all rights attaching to them as of the Placing Completion Date, including
     the right to receive all dividends declared, made or paid after the
     Placing Completion Date.

2.6  Further assurances: The Vendor undertakes with the Placing Agent that it
     shall do all such other acts and things as may be reasonably required to
     be done by it to carry into effect the Placing in accordance with the
     terms of this Agreement.

3.   PLACING AGENT'S UNDERTAKINGS

3.1  Placing: The Placing Agent undertakes on or before the end of the Placing
     Period to procure purchasers for, or failing which to purchase itself, all
     of the Placing Shares at the Placing Price (together with such Hong Kong
     stamp duty, SFC transaction levy and Stock Exchange transaction levy as
     may be payable by buyers).

3.2  Placees: The Placing Shares shall be offered by the Placing Agent to the
     Placees in board lots of the Shares. The choice of Placees for the Placing
     Shares shall be determined solely by the Placing Agent, subject to the
     requirements of the Listing Rules (in particular, the Placing Agent shall
     use all reasonable endeavours to ensure that Placees shall be third
     parties independent from the Vendor and its Associates and the directors,
     chief executive or substantial shareholders of the Company or its
     Subsidiaries or any of their respective Associates and shall not be
     parties acting in concert with the Vendor for the purposes of the Vendor
     for the purposes of the Takeovers Code). If there should be less than six
     Placees, the Placing Agent shall procure that all necessary consents are
     obtained from the Placees for the publication of their identities as
     required by Rule 13.28(7) of the Listing Rules, and shall use its best
     endeavours to ensure that such information is available for incorporation
     in the Placing Announcement so that no separate or further announcement is
     required to be made by the Company in respect thereof.

3.3  Placee details and Transfer Documents: To the extent any transfer of
     Placing Shares will not be settled by book-entry settlement through CCASS,
     by no later than 2:00 p.m. on the Business Day prior to the Placing
     Completion Date, the Placing

                                      -4-
<PAGE>

     Agent shall deliver to the Vendor a schedule showing details of the
     Placees including their names, the number of Placing Shares purchased by
     each Placee, country of incorporation (if a corporation), addresses (or
     registered address if a corporation), and as soon as practicable
     thereafter and in any event not later than 12:00 noon on the third
     Business Day thereafter deliver to the Stock Exchange and, if required
     under the Takeover Code, the SFC such substantially completed details of
     the Placees in the form from time to time prescribed by them.

3.4  Oral contracts: Without limitation to Clause 3.5, the Placing Agent
     undertakes that the Placing shall be effected by telephone conversations
     leading to concluded contracts which shall then be confirmed by letter of
     confirmation. The Placing Agent undertakes that the terms and conditions
     on which each Placee will purchase Placing Shares, and the number of such
     Shares to be purchased, are covered in precise terms and agreed with each
     Placee and to be in substantially the same form as the letter of
     confirmation and will not make any representation in connection with the
     Placing Shares other than contained in the Placing Announcement or
     previously approved by the Vendor.

3.5  Compliance with laws: The Placing Agent confirms and undertakes to the
     Vendor and the Company that:

     (a)  it will not, directly or indirectly, engage in price stablisation in
          relation to the Placing;

     (b)  it will not, directly or indirectly, offer, sell or deliver any
          Placing Shares or distribute or publish any documents (including,
          without limitation, any prospectus, form of application, offering
          circular, advertisement or other offering material or any report or
          other document calculated to invite or lead to offers or agreements
          being made to purchase Placing Shares) in any country or jurisdiction
          except such as, and under circumstances that, will not result in or
          constitute a breach by it of any applicable laws and regulations
          provided that this will not apply where the breach arises, directly
          or indirectly, by reason of (i) a breach by the Vendor or by the
          Company of a representation, warranty or undertaking in Clause 7.1 or
          (ii) any public written information or statements issued by the
          Vendor or the Company;

     (c)  it has not offered or sold and will not offer or sell in Hong Kong,
          by means of any document, any Placing Shares other than to persons
          whose ordinary business it is to buy or sell shares or debentures,
          whether as principal or as agent, or otherwise in circumstances which
          do not constitute an offer to the public within the meaning of such
          term as used in the Companies Ordinance (Cap. 32 of the Laws of Hong
          Kong);

     (d)  (i) it has not offered or sold and, prior to the expiry of the period
          of six months from the Placing Completion Date, will not offer or
          sell any Placing Shares to persons in the United Kingdom except to
          persons whose ordinary activities involve them in acquiring, holding,
          managing or disposing of investments (as principal or agent) for the
          purposes of their businesses or otherwise in circumstances which have
          not resulted and will not result in an offer to the public in the
          United Kingdom within the meaning of the Public Offers of Securities
          Regulations 1995; (ii) it has only communicated or caused to be

                                      -5-
<PAGE>

          communicated and will only communicate or cause to be communicated
          any invitation or inducement to engage in investment activity (within
          the meaning of section 21 of the Financial Services and Markets Act
          2000 (the "FSMA")) relating to the Placing Shares in circumstances in
          which section 21(1) of the FSMA does not apply; and (iii) it has
          complied and will comply with all applicable provisions of the FSMA
          with respect to anything done or to be done by it in relation to the
          Placing Shares in, from or otherwise involving the United Kingdom;

     (e)  (i) it acknowledges that the Placing Shares have not been and will
          not be registered under the US Securities Act, and have not been and
          may not be offered or sold in the United States or to or for the
          account or benefit of US persons except pursuant to an exemption
          from, or in a transaction not subject to, the registration
          requirements of the US Securities Act; it has not offered or sold,
          and will not offer or sell, any Placing Shares outside the United
          States except in offshore transactions (as defined in Regulation S)
          in accordance with Rule 903 of Regulation S including complying with
          the offering restrictions required of Regulation S;; accordingly,
          neither it, its affiliates nor any persons acting on its or their
          behalf have engaged or will engage in any directed selling efforts
          (as such term is defined in Regulation S) with respect to the Placing
          Shares or any Shares;; and (ii) it will offer or sell the Placing
          Shares (A) as part of their distribution at any time, or (B)
          otherwise until 40 days after the later of the commencement of the
          offering of the Placing Shares and the Placing Completion Date (the
          "Restricted Period"), only to or for the benefit of persons other
          than US persons in accordance with Rule 903 of Regulation S under the
          US Securities Act and, at or prior to the confirmation of a sale of
          the Placing Shares, it will have sent to each distributor, dealer or
          person receiving a selling concession, fee or other remuneration that
          purchases Placing Shares from it or through it during the restricted
          period a confirmation or other notice setting forth the restrictions
          on offers and sales of Placing Shares within the United States or to,
          or for the account or benefit, of U.S. persons.

3.6  No representations: The Placing Agent confirms and undertakes that it has
     not made and shall not make to any person to whom Placing Shares may be
     offered any representation or statement regarding the Placing Shares, the
     Company, the Group or the financial or business position or prospects of
     the Company or the Group which (i) is not contained in the Placing
     Announcement or (ii) is not, at the time of making the same, general
     public knowledge in the marketplace.

4.   COMPLETION

4.1  Vendor's obligations: By no later than 2:00 p.m. on the Business Day prior
     to the Placing Completion Date, the Vendor shall deliver to the Placing
     Agent to facilitate settlement on the Placing Completion Date:

     (a)  the instruments of transfer (to the extent any transfer of Placing
          Shares will not be settled by book-entry settlement through CCASS)
          (the "Transfer Document") in respect of the Placing Shares duly
          executed by or on behalf of the legal and beneficial owners of the
          Placing Shares;

                                      -6-
<PAGE>

     (b)  if the transfer of some or all of the Placing Shares is not to be
          settled by book-entry settlement through CCASS, the share
          certificate(s) for the relevant Placing Shares; and

     (c)  if the transfer of some or all of the Placing Shares is to be settled
          by book-entry settlement through CCASS, evidence satisfactory to the
          Placing Agent that the Vendor has given an irrevocable delivery
          instruction to effect a book-entry settlement on the Placing
          Completion Date of the Placing Shares through CCASS to credit to the
          CCASS stock account of the Placing Agent, which the Placing Agent
          shall have notified the Vendor on the date of this Agreement.

4.2  Placing Agent's obligations: Against compliance by the Vendor with its
     obligations under Clause 4.1, the Placing Agent (or its nominees or
     agents) shall, in respect of the Placing Shares, on or before 2:00 p.m. on
     the Placing Completion Date:

     (a)  make or procure the making of payments to the Vendor in cleared funds
          in Hong Kong dollars of the aggregate Placing Price of the Placing
          Shares (less the amounts referred to in Clause 5.1), the payment of
          which shall constitute a complete discharge of the obligations of the
          Placing Agent to place the Placing Shares hereunder and such payment
          shall be made for value on the Placing Completion Date to such bank
          account held with a bank in Hong Kong as may be notified by the
          Vendor to the Placing Agent no later than 12:00 noon one Business Day
          before Placing Completion Date; and

     (b)  (if appropriate) present the Transfer Document and the share
          certificates in respect of the Placing Shares to the share registrar
          of the Company and liase with the share registrar to issue new share
          certificates in the names of the Placees.

5.   PAYMENT OF FEES COMMISSIONS AND EXPENSES

5.1  Placing Agent fees and expenses: In consideration of the services of the
     Placing Agent in relation to the Placing, the Vendor shall pay to the
     Placing Agent:

     (a)  provided that completion of the Placing occurs in accordance with
          Clause 4, in Hong Kong dollars, (i) a placing fee of [ ] per cent. of
          the amount equal to the Placing Price multiplied by the number of the
          Placing Shares and (ii) sellers brokerage at 0.25 per cent. of the
          Placing Price;

     (b)  Hong Kong seller's ad valorem stamp duty (if any) at the relevant
          rate on the amount equal to the Placing Price multiplied by the
          number of Placing Shares;

     (c)  seller's Stock Exchange trading levy, SFC transaction levy and
          investor compensation levy, if any, and fixed stamp duty on the
          instrument of transfer as may be payable in respect of the sale and
          transfer of the Placing Shares to the Placees,

     which amounts the Placing Agent is hereby authorised to deduct from the
     payments to be made by it to the Vendor pursuant to Clause 4.2(a).

                                      -7-
<PAGE>

5.2  Placing not completed: If for any reason (other than any breach by the
     Placing Agent of its obligations hereunder) this Agreement is terminated
     or the Placing is not completed, the Vendor shall remain liable for the
     payment of all costs and expenses referred to in Clause 5.1(b) and (c)
     only to the extent already incurred.

5.3  Brokerage: The Vendor hereby acknowledges that, in addition to the
     commissions, costs, charges and expenses referred to in Clause 5.1, the
     Placing Agent shall be entitled to keep for its own account any brokerage
     that it may receive from the Placees.

5.4  No deductions: All payments to be made by the Vendor pursuant to this
     Clause 5 shall be made in full without any set-off, deduction or
     withholding whatsoever.

6.   WARRANTIES AND UNDERTAKINGS

6.1  Warranties: In consideration of the Placing Agent entering into this
     Agreement and agreeing to perform its obligations hereunder to, the Vendor
     hereby represents, warrants and undertakes to the Placing Agent as
     follows:

     (a)  the Vendor is the beneficial owner of the Placing Shares and has the
          necessary power and authority and has obtained all necessary consents
          to enable it to sell the Placing Shares hereunder and this Agreement
          constitutes valid and legally binding and enforceable obligations of
          the Vendor;

     (b)  the Placing Shares are fully paid up, rank pari passu in all respects
          with the existing Shares in issue, include the right to receive all
          dividends and distributions which may be declared made or paid after
          the Placing Completion Date and the Vendor warrants that the Placing
          Shares are free and clear of all liens, encumbrances, equities or
          other third party rights;

     (c)  all statements of fact contained in the Placing Announcement are true
          and accurate in all material respects and not misleading in any
          material respect in the context of the Placing and all statements of
          opinion, intention or expectation of the directors of the Company in
          relation to the Company or any of its Subsidiaries contained therein
          are truly and honestly held and have been made after due and careful
          consideration and there is no other fact or matter omitted therefrom
          the omission of which would make any statement therein misleading in
          any material respect or which is otherwise material in the context of
          the Placing;

     (d)  the Accounts:

          (i)  have been prepared on a recognised and consistent basis and in
               accordance with generally accepted accounting principles,
               standards and practice in Hong Kong;

          (ii) comply in all material respects with all applicable ordinances,
               statutes and regulations and show a true and fair view of the
               state of affairs of the Group and of its results for the period
               in question;

                                      -8-
<PAGE>

         (iii) are not affected by any unusual or non-recurring items and do
               not include transactions not normally undertaken by the relevant
               member of the Property Group (save as disclosed in the said
               accounts); and

          (iv) make adequate provision for all taxation whether in Hong Kong or
               any other part of the world in respect of all accounting periods
               ended on or before the respective date for which the relevant
               member of the Property Group was then or might at any time
               thereafter become or have been liable;

     (e)  since the Accounts Date, there has been no material adverse change in
          the Group's condition, financial or otherwise, or the earnings,
          business affairs or business prospects (whether or not arising in the
          ordinary course of business) and no event has occurred which in the
          reasonable opinion of the Vendor may give rise to a material adverse
          change in such position in the foreseeable future;

     (f)  (i) none of the Company nor the Vendor nor any of its or their
          affiliates (as defined in Rule 501(b) of Regulation D) nor any person
          acting on its or their behalf has engaged or will engage in any
          directed selling efforts (as defined in Regulation S under the US
          Securities Act) with respect to the Placing Shares; (ii) the Vendor,
          the Company, their affiliates and any person (other than the Placing
          Agent) acting on its or their behalf have complied with and will
          comply with the offering restrictions requirement of Regulation S
          under the US Securities Act; and (iii) the Company is a "foreign
          issuer" as such term is defined in Rule 902 under the US Securities
          Act and is not subject to the reporting requirements of the US
          Exchange Act;

     (g)  neither the Company nor the Vendor nor any of its or their affiliates
          nor any person acting on its or their behalf has offered or sold, or
          will offer or sell, any securities under circumstances that would
          require the registration of any of the Placing Shares under the US
          Securities Act; neither the Company nor the Vendor nor any of its or
          their affiliates nor any person acting on its or their behalf has
          engaged or will engage in any form of general solicitation or general
          advertising within the meaning of Regulation D in connection with the
          offer or sale of the Placing Shares in the United States; and

     (h)  the Company is required to register as an investment company as
          defined in the United States Investment Company Act of 1940 and will
          not become an open-end investment company, unit investment trust or
          closed-end investment company that is required to be registered under
          Section 8 of such Act.

6.2  Warranties repeated: The representations and warranties set out in Clause
     6 are given as at the date hereof and shall be deemed to be repeated by
     Vendor as at the Placing Completion Date as if given or made at such time,
     with reference in each case to the facts and circumstances then
     subsisting. The Vendor undertakes up to and until completion of this
     Agreement or its earlier termination to notify the Placing Agent of any
     matter or event coming to its attention prior to the Placing Completion
     Date which would or would reasonably be considered to render or have
     rendered any of the representations and warranties made by it set out in
     Clause 6.1 untrue, inaccurate or

                                      -9-
<PAGE>

     misleading in any material respect. The Vendor shall not, and shall use
     all reasonable endeavours to procure that no member of the Group shall, at
     any time prior to or on the Placing Completion Date do or omit to do
     anything which may cause any of the representation and warranties made by
     the Vendor and set out in Clause 6.1 to be untrue in any material respect.

6.3  No claims: No claim shall be made against the Placing Agent or any person,
     appointed as a sub-placing agent pursuant to Clause 2.3 by the Vendor to
     recover any damage, cost, charge or expense which the Vendor may suffer or
     incur by reason of or arising from the carrying out by the Placing Agent
     of the work to be done by it pursuant hereto or the performance of its
     obligations hereunder or otherwise in connection with the Placing provided
     that such damage, cost, charge or expense is not suffered or incurred
     directly or indirectly as a result of any fraud, default or negligence on
     the part of the Placing Agent or in connection with a breach by the
     Placing Agent of the provisions of this Agreement.

6.4  No merger: The foregoing provisions of this Clause 6 shall remain in full
     force and effect notwithstanding completion of the Placing.

8.   GENERAL

8.1  Announcements: Save for the Placing Announcement and save as required by
     law or by the Stock Exchange or the SFC, each of the party hereby
     undertakes to use its best endeavours to procure that no public
     announcement or communication to the press, the Stock Exchange or the
     shareholders of the Company concerning the Company and/or its Subsidiaries
     which is material in relation to the Placing shall be made by or on behalf
     of the Company between the date hereof and the Placing Completion Date
     without prior written approval from the other parties hereto as to the
     content, timing and manner of making thereof, such approval not to be
     unreasonably withheld or delayed.

8.2  Time of the essence: Any time, date or period mentioned in this Agreement
     may be extended by mutual agreement between the Vendor and the Placing
     Agent but, as regards any time, date or period originally fixed or any
     date or period so extended as aforesaid, time shall be of the essence.

8.3  Waiver: No failure or delay by any party in exercising any right, power or
     remedy under this Agreement 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.

8.4  Assignment: No party hereto shall assign any of its rights under this
     Agreement (all of which shall be incapable of assignment) or purport to do
     so unless agreed by the other parties hereto. This Agreement shall be
     binding on and enure for the benefit of each party's successors and
     permitted assigns.

8.5  Counterparts: This Agreement may be executed in any number of counterparts
     by the

                                     -10-
<PAGE>

     Parties hereto on separate counterparts, each of which when executed shall
     constitute an original and all of which when taken together shall
     constitute one and the same document.

9.   NOTICES

9.1  Notices: All notices delivered hereunder shall be in writing in the
     English language and shall be communicated to the following addresses:-

     If to the Vendor:

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

     Fax no.:   (852) 2902 5725
     Attention: Company Secretary

     If to the Placing Agent:

     Level 38, One Pacific Place,
     88 Queensway
     Hong Kong

     Fax no.:   (852) 2860 3690
     Attention: Compliance Department

9.2  Deemed service: Any such notice shall be served either by hand or by
     facsimile. Any notice shall be deemed to have been served, if served by
     hand, when delivered and if sent by facsimile, on receipt of confirmation
     of transmission. Any notice received on a day which is not a Business Day
     shall be deemed to be received on the next Business Day.

10.  GOVERNING LAW

10.1 Hong Kong Law: This Agreement is governed by and shall be construed in
     accordance with the laws of Hong Kong for the time being in force and the
     parties hereto hereby irrevocably submit to the non-exclusive jurisdiction
     of the Hong Kong courts in connection herewith.

10.2 Vendor's service agent: The Vendor irrevocably appoints PCCW Secretaries
     Limited of 39th Floor, PCCW Tower, Taikoo Place, 979 King's Road, Quarry
     Bay, Hong Kong as its process agent to receive on its behalf service of
     process of any proceedings in Hong Kong. If for any reason the process
     agent ceases to be able to act as process agent or no longer has an
     address in Hong Kong, the Vendor irrevocably agrees to appoint a
     substitute process agent with an address in Hong Kong acceptable to the
     Placing Agent

                                     -11-
<PAGE>

     and to deliver to the Placing Agent a copy of the substitute process
     agent's acceptance of that appointment within 30 days. In the event that
     the Vendor fails to appoint a substitute process agent, it shall be
     effective service for the Placing Agent to serve the process upon the last
     known address in Hong Kong of the last known process agent for that Vendor
     notified to the Placing Agent notwithstanding that such process agent is no
     longer found at such address or has ceased to act provided that a copy of
     the proceedings is also sent to that the Vendor's current registered office
     or principal place of business wherever situated. Nothing in this Agreement
     shall affect the right to serve process in any other manner permitted by
     law.

AS WITNESS the hands of the duly authorised representatives of the Parties on
the day and year first before written.

                                     -12-
<PAGE>

                                 EXECUTION PAGE

SIGNED by                           )
                                    )
for and on behalf of                )
ASIAN MOTION LIMITED                )
in the presence of                  )

SIGNED by                           )
                                    )
for and on behalf of                )
LEHMAN BROTHERS ASIA LIMITED        )
in the presence of                  )
Teresa Chan                         )
Compliance Manager                  )

                                     -13-

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