The emergence and development of the Internet of Things (IoT) has attracted growing attention to low-cost location systems when facing the dramatically increased number of public infrastructure assets in smart cities. Various radio frequency identification (RFID)-based locating systems have been developed. However, most of them are impractical for infrastructure asset inspection and management on a large scale due to their high cost, inefficient deployment, and complex environments such as emergencies or high-rise buildings. In this paper, we proposed a novel locating system by combing the Global Navigation Satellite System (GNSS) with RFID, in which a target tag was located with one RFID reader and one GNSS receiver with sufficient accuracy for infrastructure asset management. To overcome the cost challenge, one mobile RFID reader-mounted GNSS receiver is used to simulate multiple location known reference tags. A vast number of reference tags are necessary for current RFID-based locating systems, which means higher cost. To achieve fine-grained location accuracy, we utilize a distance-based power law weight algorithm to estimate the exact coordinates. Our experiment demonstrates the effectiveness and advantages of the proposed scheme with sufficient accuracy, low cost and easy deployment on a large scale. The proposed scheme has potential applications for location-based services in smart cities.