U.S.-based BlackRock Inc. and Singapore's Temasek Holdings (Pte.) Ltd. are partnering with China Construction Bank Corp. to launch an asset management business in China, Bloomberg News reported Dec. 20, citing people close to the matter.

BlackRock and Temasek signed a non-binding agreement with the Chinese bank's wealth management arm to take a majority stake in the new joint venture, which will develop and distribute products for local Chinese investors, sources told the outlet.

The agreement is subject to regulatory approval

Representatives for BlackRock and Temasek declined to comment on the agreement.