Official Chinese news outlets report that Zhengzhou-based real estate development company Meijing Group has agreed to acquire Mooney Aviation Company.

The report by the state-sponsored Xinhua news agency quotes a source inside the Meijing Group confirming that the deal should be announced in November.

The executive also reportedly told Xinhua that the Committee on Foreign Investment in the USA cleared Meijing to acquire Mooney on 2 October.

The deal could allow Kerrville, Texas-based Mooney to restart production after a three-year hiatus.

Mooney had delivered a series of light general aviation aircraft for eight decades until the manufacturing stoppage in 2010.

The M20R Ovation and M20TN Acclaim are the company’s latest two models.

Xinhua reports that Mooney will be expected by the Meijing Group to produce aircraft, supply components and trade and renovate used aircraft. Operations will be focused mostly on the Chinese and Asian markets, Xinhua writes.

If the deal is confirmed next month, Mooney would become the latest general aviation company to be acquired by Chinese companies in the last three years.

The list of Chinese-owned companies includes aircraft manufacturer Cirrus, helicopter builders Brantly and Enstrom, engine maker Continental and Thielert and aircraft components supplier Superior Air.