Chinese real estate to technology giant Dalian Wanda Group announced plans to divest all its holdings in the life insurance services provider Aeon Life Insurance Co.
Greentown China, a property developer, has agreed to purchase 900 million units of Aeon Life Insurance for 2.718 billion yuan ($394 million), representing 11.55 percent of Aeon Life’s total stakes.
Subjected to regulatory approvals, the deal is still waiting and if it is finally approved, Wanda will no longer own the financial license for conducting insurance business.
Wanda also plans to sell off its cultural tourism projects. In 2014, Wanda Group booked $86.15 billion in revenue.