Australia's richest woman has reached an agreement to purchase one of the country's largest cattle stations for $365 million just months after federal treasurer Scott Morrison knocked back Chinese buyers on "national interest" grounds.

Gina Rinehart's Hancock Prospecting has signed a deal to take over two thirds of the vast Kidman pastoral empire.

Gina Rinehart's Hancock Prospecting is bidding for Australia's largest cattle station.

Ms Rinehart has partnered with a Chinese company, Shanghai CRED Real Estate Stock which will hold a third share of the joint venture to be called Australian Outback Beef.

The Kidman's portfolio covers 19 individual properties operated as 12 enterprises, including ten cattle stations, a bull breeding stud farm and a feedlot.