(Yicai Global) Dec. 2 -- China's Dajia Insurance Group, which was formed to take over some of the troubled Anbang Insurance Group's assets, has once again sold some of its retail equity holdings, gaining CNY440 million (USD67 million).

Dajia got rid of 7.9 million shares of Chang Chun Eurasia Group via block trade over the past two days, the Jilin province-based department store operator said in a statement yesterday. Dajia's shareholding fell to nearly 5 percent from almost 10 percent.

The insurer unloaded nearly 14.7 million shares of Dashang Group over the same two days, the Dalian-based retailer said in a statement yesterday. Dajia's stake narrowed to 5 percent from 10 percent.

Shares of the two firms slid. Chang Chun Eurasia's equity price [SHA: 600697] was 3 percent down at CNY14.44 (USD2.20) in the afternoon. Dashang's stock price [SHA: 600694] declined by 3.2 percent to CNY22.57.

Dajia was established in June 2019 to take care of Anbang's life and pension insurance, as well as asset management business, after authorities took control of the distressed insurance company in February 2018 upon its former chairman Wu Xiaohui's arrest. Wu was later sentenced to 18 years in prison for fundraising fraud and embezzlement of corporate funds.

Dajia has been selling Anbang's assets on the secondary market since 2019, garnering more than CNY20 billion (USD3.1 billion) in cash, according to public data. In July, it cashed out more than CNY1 billion by selling shares of Chang Chun Eurasia and Dashang, according to Yicai Global's calculations.

The seller still has bigger than 5 percent stakes in five listed firms. Those include China Minsheng Bank, real estate firm Gemdale, investment holding company Sino-Ocean Group, property developer Financial Street Holdings and traditional Chinese medicine maker Tong Ren Tang.

Editor: Emmi Laine