DEPOSIT AGREEMENTDeposit Agreement • January 8th, 2020 • Citibank,N.A./ADR • Operators of apartment buildings • New York
DEPOSIT AGREEMENT, dated as of [●], 2020, by and among (i) PHOENIX TREE HOLDINGS LIMITED, an exempted company incorporated under the laws of the Cayman Islands, and its successors (the “Company”), (ii) CITIBANK, N.A., a national banking association organized under the laws of the United States of America (“Citibank”) acting in its capacity as depositary, and any successor depositary hereunder (Citibank in such capacity, the “Depositary”), and (iii) all Holders and Beneficial Owners of American Depositary Shares issued hereunder (all such capitalized terms as hereinafter defined).
