Simplify the following text for a Grade 12 native English-speaking person.
Original: Peking University was established in Beijing in December 1898 during the Hundred Days Reform and was originally known as the Imperial Capital University to replace the ancient Guozijian ( å å ç # guÃ zÇ jiÃ n ) . In 1902 , the Imperial Capital University 's Faculty of Education was spun off to become today 's Beijing Normal University , the best teacher 's college in China .
Simplified: The Peking University ( Beijing University ) is a prestigious university located in Beijing , China that was created in 1898 .