Tianjin Rongrui Investment, controlled by the Hong Kong Industrial and Commercial Bank of China International Holdings and private equity firm CDH Investments, will buy a combined 15.3 percent stake in home appliance maker Midea Group, Midea's listed unit GD Midea Holdings Co said Wednesday.

The deal would help improve corporate governance at Midea and could pave way for a floatation of Midea's other businesses, which include logistics and real estate, the official Shanghai Securities News reported.

Midea Group is a major manufacturer and exporter of home appliances and industrial component products, and controls two listed companies in China, GD Midea and Wuxi Little Swan Co.

It employs around 180,000 staff and posted sales of $17 billion in 2010.