Published: 1 February 1999 15:17 GMT
Hong Kong Telecom is set to open up new sources of revenue with a $2bn investment in mobile phone services in China, and plans to expand into property development.
Linus Cheung, CEO of Hong Kong Telecom, a subsidiary of Cable & Wireless, said the company is going through a major transformation from monopoly to competition. He added that it is ready to invest in a mobile phone service should Beijing open its telecommunications market to foreigners.
Cheung also said property development will account for 5 to 10 per cent of the company's revenue within the next decade.
Hong Kong Telecom was granted $864.6m in government compensation when it lost its monopoly over the city's long-distance services on 1 January this year.
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