The takeover should be completed next month after the US Committee on Foreign Investment approved the deal Oct 2, reported Xinhua quoting an official of the Meijing group.
The approval came about a month after US regulators approved Hong Kong-based Shuanghui International's acquisition of Smithfield Foods at $7.1 billion, marking the biggest Chinese acquisition of a US company.
Meijing group is based in China's Henan province.
Besides producing aircraft, the new Mooney will run businesses of components supply, second-hand aircraft trading and renovation, mainly focusing on the Chinese and Asian markets.
Neither Meijing group nor Mooney has made public the cost of the deal.