(Yicai Global) July 22 -- China Aoyuan Group, one of the country's biggest property developers, will pay CNY3.26 billion (USD470 million) for almost 14 percent of Aeon Life Insurance, jostling rival real estate firm Greentown China aside to become the largest shareholder.

Guangzhou-based China Aoyuan is buying 13.86 percent of Aeon Life from three privately owned developers in the northern coastal city of Dalian, Liaoning province. They are Dalian Urban Construction Group, Dalian Qianhao Kunshi Real Estate and Dalian Guotai Real Estate Development, which are selling 10.26 percent, 2.57 percent and 1.83 percent, respectively. 

Aeon Life, headquartered in Dalian, has managed to stay ahead of the curve, and after several years of rapid expansion, it is now at a stage of reaping high returns and is expected to bring a stable and considerable return on investment. Its net profit doubled to CNY697 million (USD101.3 million) in 2018 on an almost 29 percent gain in turnover to CNY41.1 billion (USD5.98 billion).

Greentown bought an 11.55 percent stake in the insurer at the end of last year.

As of the end of 2018, Aeon Life's total assets were CNY95.3 billion. Net assets were CNY3.99 billion, and total liabilities were CNY 91.29 billion, up 47 percent year on year. As of the end of June, its unaudited net assets were about CNY5.69 billion.

China Aoyuan is one of China's largest property developers. Its business operations include real estate, finance, cultural tourism, healthy living and cross-border e-commerce.