Zhenjiang Phoenix Cultural Real Estate Co., Ltd. announced that it will receive CNY 200 million in an equity round of funding from existing investor Jinagsu Phoenix Property Investment Co., Ltd. on April 16, 2020. The investor will hold 96.15% stake of the company. Post the transaction, the registered capital of the company will increase from CNY 320 million to CNY 520 million. The transaction was approved at by the 27th meeting of the 7th directorate of the company.