(Yicai) May 9 -- A state-owned financial investment company in Dalian, China's northeastern Liaoning province, will become the new controlling shareholder of Aeon Life, an insurance company owned by Chinese property giant Dalian Wanda Group.

Dalian State-Owned Financial Capital Operation will purchase 110 million new shares of Aeon for CNY110 million (USD15.2 million), as well as receive 800 Aeon shares from Wanda's unit Dalian Rongda Investment for free, thus raising its stake in the Dalian-based insurance firm to 11.5 percent, the National Financial Regulatory Administration announced yesterday.

Aeon announced the equity transfer last month, adding that Wanda's stake in the company will fall to 11.4 percent after the move.

After the share sale, Aeon's registered capital will increase to CNY7.9 billion (USD1.1 billion), according to the NFRA statement.

Troubled with financing difficulties because of the downturn in China's real estate sector, Wanda has been selling assets in recent years, including transferring the control of leading cinema operator Wanda Film Holding to film and television producer Ke Liming last December.

Founded in 2009, Aeon has nearly 400 branches in China, total assets of more than CNY260 billion (USD36 billion), and an annual income from the insurance business of more than CNY50 billion (USD7 billion), according to its official website.

The last time Aeon disclosed its financial figures was in its solvency report for the first quarter of last year, when it achieved a premium income of CNY24.8 billion, a net loss of CNY1 billion (USD138 million), and negative net assets of CNY420.3 million (USD58.2 million).

Editor: Futura Costaglione