A Chinese conglomerate has bought nearly 90% of iconic British department chain store House of Fraser, it has been announced.
Nanjing-based Sanpower Group has bought around 89% of the chain, which was founded in Glasgow, Scotland in 1849 as Arthur and Fraser and is now valued at £450m thanks to the deal, the Daily Telegraph reported.
The chain, which has 61 stores in the UK and Ireland, had been expected to make an initial Public Offering (IPO).
Sanpower already has a controlling stake in more than 100 companies and is led by one of China's richest men, Yuan Yafei.
China's Investment Corps has a 10% stake in Heathrow Airport. A total of 60% of whole-grain cereal Weetabix belongs to Chinese firm Bright Foods and luxury retailer Harvey Nichols has belonged to Hong Kong businessman Dickson Poon since 1991.
Chinese investors recently took a 35-40% stake in Britain's Hinkley Point nuclear power station.
House of Fraser, which was founded in Glasgow in 1849, has been in private hands since 2006.
Find out what other British businesses Chinese investors have been snapping up below:
Chinese stakes in British business
Heathrow Airport (01 of10)
Open Image ModalChina's Investment Corp has a 10% stake in Heathrow Airport Holdings.
Weetabix (02 of10)
Open Image ModalLast year, Chinese firm Bright Food bought a 60% stake in Weetabix, the whole-grain breakfast cereal brand, at an estimated $1.9 billion value.
Thames Water (03 of10)
Open Image ModalThe China Investment Corporation has an 8.68% stake in Thames Water
Superdrug(04 of10)
Open Image ModalSuperdrug is owned by the A.S Watson Group, Hong Kong's largest health and beauty retail group
Harvey Nichols (05 of10)
Open Image ModalThe luxury British retailer has been owned by Hong Kong businessman Dickson Poon since 1991.
Gieves and Hawkes (06 of10)
Open Image ModalThe Savile Row tailor, one of oldest bespoke tailors in the world, was sold to the Trinity Group, a Hong Kong conglomerate, in a deal estimated to be worth £92.5 million.
Maganese Bronze (07 of10)
Open Image ModalManganese Bronze, which London taxicabs, was taken over by Chinese carmaker Geely in 2012 in order to keep the business alive after it fell into administration.
Sunseeker Yachts(08 of10)
Open Image ModalSunseeker, Britain's largest luxury yachtmaker, was bought by Chinese firm Dalian Wanda this year.
Barclays (09 of10)
Open Image ModalThe China Development bank has a 3.1% holding, worth $3.0bn, in Barclays.
BP(10 of10)
Open Image ModalA Chinese sovereign wealth fund bought a 1% stake in BP, which is worth around $2.0bn.