China Telecom to buy Beijing unit before Olympics

HONG KONG, March 31 (Reuters) - China Telecom (0728.HK), the larger of the country's two fixed-line service providers, has agreed to pay 5.557 billion yuan ($792.3 million) for Beijing Telecom, a subsidiary of its state parent's.

The listed firm (CHA.N) said on Monday the acquisition would allow it to enhance its overall competitiveness while, crucially, benefitting from increased telecoms demand during the Beijing Olympic Games, which kick off this August. ($1=7.014 Yuan) (Reporting by Vinicy Chan; Editing by Anne Marie Roantree)