Hony is in talks to invest in an equity tranche of up to $500m to partly fund the acquisition, said Reuters, citing two people with knowledge of the matter.
The consortium, which needs $1.5bn to fund its bid for a 52.8 per cent stake in the company, is also raising an underwritten loan, said the report.
The bid from Giant Interactive chairman Yuzhu Shi and Baring Private Equity Asia values the business at $11.25 per share.
Shi and Baring currently hold a 47.2 per cent stake in Giant interactive, the company said in a statement.
Giant Interactive said the board will now appoint an independent committee to evaluate the bid and examine other options for the business.
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