As far as i know , AC Milan are still own by italy company ( Fininvest ) , but they are reaching agreement with Chinese investor. Deal haven't been settle yet , so Ac Milan still didn't get any support from Chinese investor for now.
It is funny to know that there will be chinese investor on ac milan because the chinese league seems to be getting revamped currently by buying top player from the europe. They should just invest their money on a club in chinese league and buy top player rather than trying to revive the old ac milan back
No matter how Chinese League involve , europe country league always gonna be 2 step ahead from them , that because they are combine by 6 top league in the world ( Serie A , Eredivisi , Bundesliga , Laliga , Premier League and Ligue 1 )
It will be a little possible if other asian country like Japan , Korea and Australia start doing the same thing , keep on signing top players. But still fantasy for now , so invest in AC Milan are not a bad thing for both chinese and italy side.