Hong Kong tycoons back Netcom listing

Hong Kong property tycoons Li Ka-shing and Lee Shau-kee committed to stakes in state-owned China Netcom Group Corp (Hong Kong) ahead of its initial public offering. Li's Cheung Kong (Holdings) and Hutchison Whampoa will between them invest at least HK$780 million (US$100 million). Henderson Land Development Chairman Lee, already an investor in China Telecom Corp, China's other listed fixed line company, committed to invest HK$300 from a privately held investment fund in Netcom. Netcom parent China Network Communications Group Corp is currently in talks to buy a major stake in PCCW, Hong Kong's fixed line provider headed by Li's second son, Richard Li Tzar-kai.