PCCW fans can breathe a huge sigh of relief. Deputy chairman Linus Cheung Wing-lam is not being made homeless.
The executive-of-the-people is safe in the knowledge that PCCW is only transferring ownership of his humble Peak shack to another company in the group.
It was not putting it on the market, contrary to other reports, the telco confirmed yesterday.
Phew.
Mr Cheung of course famously took a place in everyone's hearts when he attempted to slash salaries by 10 per cent back in 1998 while taking home a cosy package of close to HK$14 million.
Previously Mr Cheung had possibly been remembered most for his attempt at humility: 'I'm just a reasonably paid executive and not an excessively paid executive.'
One of the 'reasonable' perks of the job is the 24 Middle Gap Road tenancy. The house was purchased by then Hongkong Telecom in 1996 for HK$58 million from its parent, Cable and Wireless.