HONG KONG, July 10 (AP) -- Hong Kong investors have expressed interest in local phone operator PCCW Ltd., which is considering bids for its core telecom and media assets from Australia's Macquarie Bank Ltd., U.S. investment firm Texas Pacific Group and its Asia-focused unit Newbridge, newspapers reported Monday.

The South China Morning Post said PCCW's board of directors was to meet Monday to discuss an asset sale with a group of local investors. It did not identify the investors or the value of their offer.

Dow Jones Newswires has put Macquarie's offer at US$7.3 billion (€5.71 billion) and TPG's at slightly more.

Meanwhile, The Standard newspaper said a consortium led by Francis Leung, a consultant and former Asia chairman for Citigroup, wants to buy PCCW chairman Richard Li's 26 percent stake in the company for 10.5 billion (US$1.35 billion; €1.06 billion) Hong Kong dollars, a 9.1 percent premium on the company's closing share price of HK$5.50 Friday.

PCCW spokeswoman Joan Wagner said the company and its mobile phone unit SUNDAY Communications Ltd. were suspended from trading on the Hong Kong stock exchange Monday pending an announcement. She declined further comment.

Citigroup's Hong Kong office didn't immediately respond to a reporter's message seeking contact information for financier Leung.

The fate of PCCW's telecom and media assets has been the source of intense media speculation for weeks. Adding to the intrigue, PCCW's 20-percent shareholder, state-owned China Netcom Group, has expressed concerns about telecom infrastructure on Chinese territory falling into foreign hands.

Both Macquarie and TPG intend to reserve up to 50 percent of the new company it would set up after buying PCCW's assets for China Netcom to ease the company's opposition, Dow Jones Newswires has reported.

Media mogul Rupert Murdoch reportedly has a stake in Macquarie's bid.

If an asset sale goes through, PCCW could be reduced to a mainly real-estate company, but chairman Li is reportedly interested in media assets.