The State-owned conglomerate is in the early stages of considering an offer, and other suitors may also emerge for the Waltham, Massachusetts-based company, Bloomberg said.
Steinway pianos have been used by legendary artists such as Cole Porter and Sergei Rachmaninoff, as well as contemporary stars including Chinese concert pianist Lang Lang.
The company was taken private by John Paulson's hedge fund firm, Paulson & Co, for about $512 million in 2013.
Steinway's brands include Bach Stradivarius trumpets, Selmer Paris saxophones, C.G. Conn French horns, Leblanc clarinets, King trombones and Ludwig snare drums.
Steinway & Sons, the piano unit of Steinway Musical Instruments Inc, was founded in 1853 by German immigrant Henry Engelhard Steinway in a Manhattan loft on Varick Street.
Steinway, Paulson & Co did not immediately respond to requests for comment outside regular business hours. China Poly Group could not be reached for comment.