Peking University, one of China's top educational institutions, has paid 8.8 million pounds ($12 million) to set up a business campus in the English university city of Oxford.

According to media reports, the Chinese university fought off intense competition, including an unnamed Oxford University college, to purchase Foxcombe Hall, which is located just outside the city.

Oxford is home to one of Britain's oldest and most internationally acclaimed universities.

Peking University HSBC Business School plans to welcome students to its Oxford campus next summer.

Oxford University said it knew nothing of the sale and did not have anything to do with the operation, or with bidding for the premises, but didnot rule out that its affiliated colleges may have bid for the property.

Foxcombe Hall was built in the 1890s and bought by the Open University in 1979.

The Chinese business school, which is based in Shenzhen in South China's Guangdong province, told The Times newspaper it acquired the property from the Open University after offering "a very tempting price" that left "little room to say no".

Students studying at PHBS-Oxford will get the chance to study for one year at the Oxford campus and another year at the Shenzhen campus.

Programs that will be taught at the Oxford campus will focus on China's economy, its financial market, and corporate management.

Peking University is ranked 29th in the World University Rankings 2016-17 according to London-based publication Times Higher Education.

A few Chinese universities now have an overseas campus in the UK. Some schools and universities from outside China also now have a presence on the Chinese mainland.Oxford already hosts the Said School of Business.

Last year, the University of Washington and the prestigious Tsinghua University in Beijing jointly set up the Global Innovation Exchange in Seattle, Washington, which offers graduate technology degrees for students from the United States and China.

It was the first time that a Chinese research university had established a physical presence in the US. Classes are expected to begin after the summer.

In the UK, Zhejiang University and Imperial College London have collaborated on several research projects, and in 2013 Zhejiang University revealed its plans to set up operations in London.

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