Foxcombe Hall, which has a vaulted banqueting hall, Italian-style gardens and a lake, is to become a branch of Peking University's HSBC Business School.
"I can confirm we've exchanged contracts with completion due next month," said Jon Silversides, partner at estate agency Carter Jonas.
The price of the transaction has not been released but the estate was reportedly originally listed at £7 million ($8.7 million, 8.1 million euros).
"I can confirm that we're regarding around that figure," Silversides said, adding: "Their proposal, I believe, which has also been in the press, is for a business school".
The campus located just outside Oxford, a hub of British academic excellence, will not be part of the world-famous University of Oxford.
Other buildings were then subsequently added, and the complex had been used by the Open University -- one of the UK's biggest universities -- since 1976.
Peking University was ranked 71 in a ranking of the world's top 100 universities published by the independent Shanghai Ranking Consultancy last year.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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