PCCW, the largest communications service provider in Hong Kong, is considering selling its core businesses of telecom and media services and shifting to the real estate sector.

The market value of the two PCCW businesses is evaluated to be about HK$36.6 billion.

Richard Li, CEO of PCCW, told Hong Kong media that his company has hired Lehman Brothers to study the purchase intention of an unnamed third party buyer, which an inside person discloses to be Macquarie Group.

Local reports say that Macquarie Group raised the issue of acquiring PCCW's telecom and media service last Friday. It plans to complete the transaction in cash.

China Netcom (CN), which holds 20% stake of PCCW, has not made any comments on the transaction.

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