The German retailer is willing to sell as much as 80% of the Chinese business while retaining a significant minority.
The Singapore state investment company is considering selling around 10% stake in A.S. Watson for about $3 billion.
Canada’s largest pension fund investor could open an office in Beijing as soon as next year.
The development is owned by M+S Pte, a joint venture between Malaysian sovereign fund Khazanah and Singapore’s Temasek.
Buyout firm Advent International and some Chinese investment funds have also been weighing offers for HNA’s Pactera Technology International Ltd. unit.
The move is part of ChemChina’s strategic review of the group’s overseas investments.
HNA has already trimmed one of the country’s biggest debt piles by selling off dozens of assets from hotels to stakes in aircraft leasing companies.
Ping An is targeting to list OneConnect in Hong Kong as soon as the second half of this year and the share sale could raise roughly $1 billion.
Yayvo, Pakistan’s second-largest online retailer, is planning to bring in new investors amid competition from Alibaba Group Holding Ltd.
While an IPO is currently the preferred option, Longreach could still opt to sell the business to another private equity firm or a rival retailer.