The share disposal was expected to help Dalian Wanda, China's largest commercial property developer, with the refinancing of a $400 million bond that had been due on July 23. Wanda transferred funds to repay the bond, financial information provider REDD reported on Saturday.
Wanda did not respond to a request for comment on Monday.
As part of the equity transfer agreement signed on Thursday, Ruyi said in a filing on Sunday it would pay 200 million yuan in cash to Wanda's subsidiary, Beijing Culture, on Friday, and provide an interest-free, 45-day loan of 800 million yuan to Beijing Culture at a later date.
After the deal is completed, Shanghai Ruyi, China Ruyi's unit, will hold 49% in Beijing Investment.
Shares of China Ruyi plunged as much as 10% in early morning trade, after jumping 8.3% soon after opening. The shares resumed trading on Monday after being suspended on Friday.
Ruyi said the deal will expand its investment portfolio to enhance its investment returns and benefit shareholders with high quality assets.
($1 = 7.1858 Chinese yuan renminbi)
(Reporting by Clare Jim; Editing by Miral Fahmy)