On March 12th, the "Huaxia Jinmao Shopping Center Closed-end Infrastructure Securities Investment Fund" (hereinafter referred to as the Huaxia Jinmao Commercial REIT, trading code: 508017) was officially listed on the Shanghai Stock Exchange. The project fund manager is Huaxia Fund Management Co., Ltd., and the fund custodian is Bank of China Co., Ltd. The total fund units are 400 million. The fund operates in a closed-end manner with a lifespan of 30 years, making it one of the first publicly listed consumer infrastructure REITs in China. Quality underlying assets are highly valued by the market. From a capital market perspective, high-growth quality underlying assets are more favored by investors. The inaugural infrastructure asset of the Huaxia Jinmao Commercial REIT is the Changsha Lanshow City project, located in the core commercial area of the Meixi Lake district within the Xiangjiang New Area, the first national-level new area in central China. With a building area of approximately 100,000 square meters, it has been in stable operation for 7 years since its opening at the end of 2016, providing consumers with high-quality service experiences and rich consumption fun. As the first Lanshow City project created by China Jinmao, Changsha Lanshow City is the most mature benchmark shopping center within the Jinmao commercial Lanshow City product system. According to the fund prospectus, as of the end of June 2023, the occupancy rate of Changsha Lanshow City has been higher than comparable properties, and it has been the commercial property with the highest occupancy rate in the Meixi Lake commercial district. Many businesses within the targeted assets such as Xingjuhui KTV, Fei Da Chu, Haidilao, Walmart, etc., have led in performance within the region. From 2020 to 2022 and from January to June 2023, Changsha Lanshow City achieved sales revenues of 489 million yuan, 586 million yuan, 723 million yuan, and 429 million yuan respectively, ranking among the top in the Meixi Lake district, with rental yield ratios of 9.75%, 10.13%, 8.31%, and 9.04%, and a monthly sales efficiency of nearly 1,200 yuan/square meter. Located in a prime scarce commercial area, Changsha Lanshow City has a strong and solid consumer base. The fund prospectus shows that Changsha Lanshow City has an annual traffic of over 10 million people. From 2020 to June 2023, the daily sales revenue compound annual growth rate of Changsha Lanshow City was 25.47%, and the daily foot traffic compound annual growth rate was 15.57%, indicating a period of high-speed growth. In addition, with the advantages of location, quality clientele, and solid consumer base, Changsha Lanshow City has maintained a near-full occupancy rate and a high-speed development trend for the past 7 years. This shows that while maintaining a high-speed growth trend, the project also possesses excellent resilience and operational flexibility, capable of achieving growth across cycles and providing investors with a stable and growth potential income. As the public REITs market matures, quality assets like Changsha Lanshow City, combined with the characteristics of having a promising operational outlook, stable long-term returns, and a professional management team, are showing more long-term investment value. Quality foundation providing more possibilities for future expansion The original equity holder of the Huaxia Jinmao Commercial REIT, Shanghai Xingxiu Mao Commercial Management Co., Ltd., is a new commercial asset holding platform established by China Jinmao to promote public REITs. As a highly reputable state-owned enterprise in the capital market and a leading urban operator in China, China Jinmao relies on its abundant asset reserves and solid operational capabilities to focus on building brand IPs such as "Lanshow City," "Jinmao Piazza," "Jinmao JLIFE," covering several core cities including Shanghai, Nanjing, Changsha, Qingdao, Tianjin, Suzhou, etc. In addition, Jinmao Commercial has Lanshow City projects under preparation or construction in high-energy cities such as Wuhan and Hangzhou. The net proceeds from the listing of the Huaxia Jinmao Commercial REIT will continue to be used for investment and construction of consumer infrastructure, demonstrating China Jinmao's ongoing commitment to promoting consumption and stable growth through financial innovation by actively serving the real economy and providing consumers with higher-quality consumption scenes and conditions. It is worth mentioning that the listing of the Huaxia Jinmao Commercial REIT comes at a point of positive market development, demonstrating resilience. Since 2022, the market has gone from an initial irrational rise to a volatile decline, and then to a recent stabilizing rebound, going through a complete market process. All parties in the market have gone through a process of reeducation and reevaluation, strengthening the resilience of the equilibrium mechanism and creating a favorable environment for the subsequent market development. From a conceptual and cognitive perspective, the market has gradually formed a consensus on the equity attributes of REITs, securities positioning, improving the investment ecosystem, information disclosure, and other fundamental issues, progressively establishing market mechanisms. On the financing side, the market is beginning to shift from heavy financing to a balanced focus on investment and financing. Enterprises are paying more attention to project quality, and asset valuation is more cautious. At the same time, the trend of overheated new listings on the investment side is fading, shifting towards rational investment. The proportion of investors participating in new listings has significantly decreased, with investors paying more attention to the quality and value of new securities and more balanced and reasonable pricing. The equity attributes of REITs products have initially formed a consensus. Major investors have adjusted risk control indicators and holding strategies. Furthermore, there have been many positive changes in the operational aspects, gradually transitioning from traditional fund management to a combination of production and finance, giving more prominence to the leading role of enterprises, emphasizing information disclosure and operational efficiency improvement, and focusing on enhancing investor relations. Regulatory authorities are also paying more attention to the coordination of primary and secondary markets and investment and financing, insisting on promoting the regular issuance of projects, while focusing on attracting long-term funds, strengthening regulatory scrutiny on asset quality and operational management. Therefore, as the REITs market continues to improve and regularize issuance, public REITs are ushering in new opportunities for development. In the future, China Jinmao will continue to further enhance the public REITs platform through refined operation management and rich underlying asset reserves, carry on the operational management of infrastructure assets, unearth asset potential, create more value for investors, and facilitate the high-quality development of the public REITs market.