"?Chinese retail giant Suning Commerce Group have agreed to buy a 68.5% controlling stake of Inter Milan, marking Massimo Moratti's exit from the club after 21 years in charge.
Former Inter owner Erick Thohir will remain as the club's president with a reduced 31% stake.
Suning Commerce Group will pay £220m for their stake in the club as part of an overall £750m euro (£590m) deal.
"Suning will inject a steady stream of capital investment in Inter Milan, which will help attract more talented players," chairman Zhang Jindong told reporters at a conference in China.
Suning look set to continue building their footballing empire, with the company also owning Chinese Super League side Jiangsu Suning.
Se ha anunciado la venta del 70% de las acciones del @Inter de Milán al grupo chino Suning. pic.twitter.com/NBP2EYzVvU
Inter's city-rivals AC Milan are also the subject of takeover talks, with a Chinese group led by Jack Ma expected to buy the club from Silvio Berlusconi at some stage this summer.
Speaking of why the Chinese market are interested in Serie A, Zhang Jindong added:
"Serie A was the first European league to be shown live on TV in China in the 1980s, at a time when Italian clubs were dominant in Europe. Hence, Chinese people of that generation have a strong predisposition towards Italian football, especially AC and Inter who were strong at the time.
"As such, there is a significant potential Chinese fan base for Italian football, and the people we now see making investment decisions on behalf of Chinese corporations are those who are part of this lineage."