Greenland Holdings Corp. Ltd. plans to acquire a 65% stake in Chinese government-owned Tianjin Construction Group for 1.49 billion yuan, with the state asset regulator for the city of Tianjin retaining a 35% stake, Reuters reported.

The move forms part of state-owned enterprise reform. Greenland Holdings will later transfer 10% of its stake to the management team of Tianjin Construction Group.

As of Aug. 13, US$1 was equivalent to 6.89 yuan.