China’s Sichuan Tengzhong Heavy Industrial Machinery is poised to complete its purchase of General Motor Corp’s Hummer division within days, the South China Morning Post reported on Saturday.

The paper said executives were in Detroit this weekend putting the finishing touches on the deal. (Yahoo!)

Last I heard on this deal was that Tengzhong had applied to the Ministry of Commerce for approval of the deal, and were rejected. Some reports were that the rejection was made on the basis of an incomplete or defective application, and that Tengzhong could reapply. I was skeptical of that report at the time.

So is this deal really still a possibility? At the very beginning, the consensus was that there was no way that the Chinese government would let this go through, given Hummer’s horrible environmental reputation and the possibility that China would so tarnished by the acquisition.

This is a fun one to watch.