The deal also includes the company's stakes in Dutch steelmaker FN Steel, British Steel France, and specialist United Kingdom manufacturer TSP Engineering.
Jingye Group did not immediately respond to a request for comment.
British Steel is to be rescued by Chinese firm Jingye, potentially saving up to 4,000 jobs, the Insolvency Service has said.
If it goes ahead, the deal would end months of uncertainty about British Steel's Scunthorpe plant.
The cost of the deal for British Steel, which has been kept running by the Government through the Official Receiver since May, has not been confirmed.
"The combination will bring together expertise from both businesses to help secure a long-term future for British Steel's operations through the continued production of high-quality steel products".
The business will continue to trade as normal until completion, which is conditional on regulatory approval.
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In October, Turkish military fund OYAK had pulled out of a deal to rescue British Steel, whose owners Greybull had blamed Brexit for its financial collapse.
Although it did not take the steel producer into state ownership, the United Kingdom government said in May that it would keep paying staff wages in the hope that a buyer could be found.
The company focusses of the production of steel and iron but also works in the hotel, tourism and real estate industries.
With 23,500 employees and registered capital of 39 billion yuan ($5.58 billion), Jingye Group ranks 217th among the top 500 enterprises in China.
"But actually British Steel makes rail, high-quality rail and heavy sections ... which Jingye doesn't make".
Unite assistant general secretary Steve Turner said: "Unite welcomes the news that it appears we are close to a deal being concluded that ends the anxiety felt by thousands of workers, their families and communities and finally brings desperately needed stability to a world-class business".