China Telecom plans $7.3 bln domestic bond issue

HONG KONG, July 22 - China Telecom Corp Ltd <0728.hk>, the country's biggest fixed-line operator, plans to issue up to 50 billion yuan worth of bonds in the domestic market for business development.

The bonds would have a maturity of up to 10 years, China Telecom said in a statement on Monday evening.

The company will hold an extraordinary general meeting on September 5 in Beijing to seek shareholders' approval for a general mandate to issue up to 80 billion yuan worth of debentures, including the 50 billion yuan bond issue, from a previously approved 60 billion yuan.

China Telecom have fallen 29.5 percent so far this year to close at HK$4.37 on Monday.