Network firm to get more State support

China Reform Holdings Corp, an investment firm charged with revamping State-owned enterprises, plans to buy a stake in China Tower Corp, valued at more than 10 billion yuan ($1.6 billion), people with knowledge of the matter said.

The Beijing-based company aims to buy about 6 percent of China Tower, which is being set up to own the wireless infrastructure of the nation's major mobile carriers, according to the people. A deal could be signed as soon as this month, the people said, asking not to be identified as the information is private.

China Reform's investment would help China Tower pay for construction of a network of electric-car charging stations, the people said. The government wants to boost availability of the facilities, which are key to the adoption of such vehicles, and assigned China Tower to build out the network because it already has a nationwide footprint with its telecommunications assets, they said.