In 1918, Li Denghui, the then president of Private Fudan University, bought over 70 mu(approx. 4.67 hectares) of land in Jiangwan with 150,000 silver dollars he raised during his lobby trip to Southeastern Asian countries. In the winter of 1920, Fudan finally had its own classrooms and facilities in Jiangwan which has remained a site of the university up to this day. In 1929, Fudan set up four faculties including Arts, Sciences, Law and Business under the University Organization Law (《大学组织法》) issued by the Ministry of Eduation of the Republic of China. Thanks to an improved academic structure, the development of Private Fudan University now entered a golden era.