BEIJING, March 18, 2020 /PRNewswire/ — Phoenix Tree Holdings Limited (“Danke” or the “Company”) (NYSE: DNK), one of the largest co-living platforms in China with the fastest growth, today announced its entry into investment and cooperation agreements with the local government of the Huaqiao Economic Development Zone (“Huaqiao EDZ”) in Kunshan, Jiangshu Province, China.

Pursuant to the agreements, Danke will establish a wholly-owned subsidiary in the Huaqiao EDZ (the “Huaqiao Subsidiary”), which will then form a joint venture with Kunshan Yinqiao Holding Group Co., Ltd. (“Kunshan Yinqiao”), an investment entity of the local government. The Huaqiao Subsidiary will make a capital contribution of RMB625 million in exchange for 51.02% equity interest in the joint venture while Kunshan Yinqiao will make a capital contribution of RMB600 million in…

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