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Russia, the world's third largest gold producer, has been looking for investments in Asia, mainly in China, since the West imposed sanctions on Moscow due to its role in the Ukraine crisis and the annexation of Ukraine's Crimea peninsula in 2014.
China is the world's top consumer, producer and importer of gold and Chinese companies have been targeting gold mine acquisitions.
Fosun, an acquisitive Chinese conglomerate, will buy 12,561,868 Polyus shares for $70.6025 per share from the family of Russian tycoon Suleiman Kerimov.
"We are delighted to enter into this agreement to acquire a significant stake in Polyus," Wang Qunbin, Fosun's Chief Executive, was quoted as saying in Polyus' statement.
The consortium, which includes two of Fosun's affiliates – Zhaojin Mining and Hainan Mining – will be a strategic long-term shareholder, he said.
Fosun has been in talks since last year to buy a Polyus stake, sources have said. The deal was announced one day before the start of the St Petersburg International Economic Forum, the country's annual event to attract investors.