A proposed investment by Shanghai Automotive Industry Corp in MG Rover, the UK car company, may be much less than expected, said the Sunday Times.
It said the total sum could be as low as £200m-£250m ($381m-$475m), whereas previous reports have suggested £1bn.
The paper said Rover will receive £150m of the investment in the next few weeks.
Rover bosses had said they were "confident" of a £1bn investment deal being signed in March or early April.
Plugging a gap
SAIC is believed to have paid Rover £67m last year in return for the intellectual property rights to Rover's K series engine and Rover 25 model. It plans to manufacture these in China.
Added to this will be the £150m due in the next few weeks. As much as £70m of this is earmarked to fill a gap in Rover's pension fund, said the paper.
SAIC is said to be keen to ensure none of its cash goes to the four businessmen, led by John Towers, who bought Rover for £10 from BMW in 2000.
Up to 2,000 of MG Rover's 6,000 Longbridge workers are likely to lose their jobs if the Chinese car manufacturer goes ahead with the joint venture.
Nanjing Auto, another Chinese car company, is also expected to take a stake in the Rover and SAIC venture.
None of the details of the venture are certain yet and it could even be May before the deal is agreed.
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