Its name may be Greentown, but the folks at one of China’s major real estate developers are probably feeling just a little blue these last couple of days.

That’s because the company’s plan to purchase a major stake in a Chinese insurance company has collapsed after failing to win approval from China’s financial regulator. Back in December Greentown was toasting its plan to purchase 900 million shares of Aeon Life Insurance from Wanda Group, the debt-heavy developer that’s been selling off assets left and right over the last two years.

Greentown agreed to pay 2.7 billion yuan ($377 million) for the stake, which would have equaled about 11.6% of the insurer. But the June 26 deadline for closing the deal came and went without approval from the China Banking and Insurance Regulatory Commission, prompting Greentown to announce this week the deal was being scrapped.

Greentown’s executives told Caixin they didn’t know why the deal wasn’t approved, though one analyst said it probably failed to meet the regulator’s standards in one way or another. Other real estate companies have made similar moves into financial services in recent years, often to gain easier access to fund-raising tools.

While Greentown officials might be blue, the same isn’t true for the company’s investors. Greentown’s Hong Kong-listed stock stumbled slightly on Monday after the initial announcement, but jumped nearly 4% in Tuesday trade. The stock is also about 30% ahead of where it was just after the initial deal was announced last December.

Read the full story on Caixin Global later today.

Related: Wanda Sells Insurance Holdings to Greentown China

Contact reporter Yang Ge (geyang@caixin.com)