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The deal would give Sam Group an exclusive five-year lease to develop Central Province into a "Special Economic Zone".
According to a copy leaked online, this would include leasing all 200 hectares of Tulagi island, as well as its surrounding islands.
Two sources who have read the agreement verified the leaked copy's authenticity to RNZ Pacific.
But the provincial premier, Stanley Manetiva, says although he signed the deal, it will never go ahead.
"To be honest here, leasing Tulagi will not be possible, because they are existing land arrangements under the national laws which cover most of the land in Tulagi."
Sam Group couldn't be reached for comment.
According to a statement posted to the company's website, a Solomon Islands delegation visited its headquarters in August and hoped to work together.
Crucially, last month Solomon Islands ditched long-time diplomatic ally Taiwan in favour of China.
Mr Manetiva says he's open to working with Chinese firms after the switch.
"We want the investors to come to our province. But we must be mindful, mindful in a sense that we must see that the people are our priority. The people are the landowners and the business owners."
Not everyone's convinced the deal with Sam Group is as non-binding as Mr Manetiva claims.
The deputy opposition leader, Peter Kenilorea Junior, says he's worried the lease will still go ahead.
"It raises a lot of concern for me, I didn't see any protection, or at least any obligation in the agreement that I saw that that also safeguards, the interests of Central islands province peoples and the resources, I know for sure that there is a big movement not to allow mining."
As part of the Tulagi lease, Sam Group would be able to survey the island for oil and gas developments.
Central province, the former capital under British-ruled Solomon Islands, has a relatively small population but covers a vast area of more than 600km2.
Mr Kenilorea Junior says its strategic location may have made it a target for a Chinese developer like Sam Group.
A senior lecturer in security studies at New Zealand's Massey University, Anna Powles, says Solomon Islands might not be prepared for Chinese investment.
"This may be a means to sort of piggybacking other companies into the Solomons, but certainly this is something that I know that a number of Solomon Islands foreign policy analysts and scholars are concerned about, is the implication of opening the floodgates to Chinese companies and investment interest in the Solomons."
Anna Powles says the agreement leaves more questions than answers.
Still, local businesses on Tulagi are welcoming what they say is sorely-needed development.
The owner of the Vanita Motel and Restaurant, Teika Dennis, says business is tough on a small island.
"It's quite difficult. We don't have any banks and services here is quite low. Having investors to come and improve the place would be really great."
Another company listed as a party to the lease agreement, Xiamen International Trade Group, couldn't be reached for comment.
One of Sam Group's subsidiaries, China Jing An, was previously part of China's Public Security Ministry.
