Chinese conglomerate Wanda Group is not only selling Wanda City, its cultural tourism project, but also all its holdings in the Aeon Life Insurance Company, The Paper reported.

One of the leading property developers, Greentown China, said in a statement that it has signed a share transfer agreement to acquire 900 million shares of Aeon Life Insurance for 2.718 billion yuan (US$390 million), accounting for 11.55% of the insurer’s total stakes.

In the statement, the insurer only describes the seller as a joint stock limited company incorporated in China, mainly engaged in commercial, real estate, cultural industries, tourism and finance in China, without disclosing the seller’s name.

While the seller is Wanda Group, according to The Paper, the deal is still waiting for final approval by the regulator.

If the acquisition is finally approved, it means that Wanda will no longer own a financial license for conducting insurance business, the report said.