The 33-year-old McGrady spent last season with the Atlanta Hawks. He was unable to secure a guaranteed deal with an NBA team, and instead decided to play the season in China. McGrady worked out for both the New York Knicks and San Antonio Spurs recently, but neither team offered a guaranteed roster spot.
He's coming off a season in which he averaged 5.3 points per game in a reserve role for the Hawks. That scoring average was a career low. He's battled knee injuries recently and has played for four different NBA teams over the last three seasons.
While the deal will mean McGrady won't begin the season in the NBA, it doesn't mean he won't be back in the league at some point this season. The CBA season ends in March, which could allow McGrady to sign with a team prior to the start of the playoffs.