The French Polynesian government says the huge Chinese-owned fish farm planned to be set up on Hao atoll will be scaled back.
The project by Tahiti Nui Ocean Foods, which is a subsidiary of the Chinese Tian Rui group, was earlier said to be worth about $US1.4 billion.
After visiting China, the French Polynesian president Edouard Fritch told a news conference in Papeete that about $US760 million would be invested over two to three years.
A permit for the 32-hectare plant is expected to be issued this year.
The plant is expected to create hundreds of jobs.
Hao was a major military base in the latter part of the last century when France carried out its nuclear weapons tests on nearby Moruroa and Fangataufa atolls.