State-owned Chinese insurer PICC Property and Casualty Company is buying the shares.
Deutsche announced earlier this year it would sell the stake as part of a plan to bolster its finances.
"As we execute on Deutsche Bank's strategic agenda, now is the right time for us to sell this investment," said chief executive John Cryan.
In October, the bank said it would be cutting 15,000 jobs and selling various businesses as it looked to stem losses.
Deutsche posted a â‚¬6bn (Â£4.4bn) loss for the third quarter.

The Swede, 35, joined Jose Mourinho's side last summer on a one-year deal and has scored 20 goals this season.
Mourinho said on Friday he believed the club's top scorer would still be at Old Trafford in 2017-18.
When asked about his future, Ibrahimovic said: "We'll wait and see."
Ibrahimovic's goals have helped Manchester United into the EFL Cup final - where they will face Southampton - as well as the fifth round of the FA Cup. The Red Devils are also in the Europa League knockout stage.
Manchester United won the Community Shield in August and Ibrahimovic is confident of adding at least one more trophy to the collection.
"We have one and we can get our second one," he added.
"We are still in the Europa League and FA Cup, so if we don't become champions in the Premier League at least we can try and win two or three trophies."

Malcolm Wright, 56, was taken to Aberdeen Royal Infirmary with serious injuries following the incident in the Peter Buchan Drive area last month. He died later.
Gary Crossan, 30, of Peterhead, appeared at the town's sheriff court charged with murder.
He made no plea and was remanded in custody.

Jackson Whistle is moving to the Giants from the Kelowna Rockets who play in the Western Hockey League in Canada.
The 21-year-old's father is Dave Whistle who led the Giants to league and play-off titles during his period in charge from 2000 to 2003.
First choice goaltender Murphy, from Dundee, has signed on for an eighth season with the Giants.
The 34-year-old has won the British Netminder of the Year award eight times.
Steve Thornton, Head of Operations at the Giants, said: "The decision to sign Stephen Murphy is one of the easiest for me to make each year.
"He has been the backbone of our organisation since I signed him back in 2009."
Deutsche Bank has agreed a deal to sell its 20% stake in China's Hua Xia Bank for up to 25.7bn yuan ($4bn).
[NEXT_CONCEPT]
Manchester United striker Zlatan Ibrahimovic says "nothing is done" with regards to his future but insists he has fulfilled requirements needed to extend his contract.
[NEXT_CONCEPT]
A man has appeared in court charged with murder in Peterhead.
[NEXT_CONCEPT]
The Belfast Giants have signed the son of their first ever coach as back-up netminder to number one Stephen Murphy.