On April 8th, Zhongjin Yinli Consumer Infrastructure Closed-End Real Estate Investment Trust (REIT) (180602) opened for subscription at a price of 3.26 yuan per unit, aiming to raise 1 billion units. The fund manager is Zhongjin Fund, and the custodian is China Merchants Bank. It is reported that Zhongjin Yinli Consumer REIT is one of the first approved consumer infrastructure REITs. The initial infrastructure assets it plans to invest in include Hangzhou's largest TOD shopping center, Hangzhou Xixi Impression City, with a total construction area. As of September 30, 2023, the target infrastructure asset rental rate is 99.6%, with an estimated value of 3.959 billion yuan. After the successful issuance of Zhongjin Yinli Consumer REIT, it is expected to provide strong support for Yinli Group Holding Co., Ltd. (a company's joint venture) in revitalizing existing assets and further enhancing asset management capabilities. In general, consumer infrastructure projects managed by quality market-oriented operating management institutions can achieve stable, diversified cash flows, possess strong cyclical resistance and certain growth potential, making them ideal investment targets for public infrastructure securities funds. Financially, since its opening in 2013, Hangzhou Xixi Impression City's revenue has been on the rise, exceeding 3.5 billion yuan in total revenue in 2022. From January to September 2023, the nine-month revenue exceeded 3.2 billion yuan, reaching a historic high. It is worth noting that the risk of rental income being affected by revenue needs to be considered. The rental income of infrastructure assets mainly includes fixed rental income and commission-based rental income. From January to September 2023, fixed rental income accounted for 87.8% of rental income, while commission-based rent accounted for 12.2%. The commission-based rental income is highly correlated with the corresponding tenant's revenue and their commission rate. If the local consumer market for the infrastructure asset experiences a decline or downturn, or if there are structural changes in the overall business performance of the project tenants, the commission-based rental income may face significant fluctuations, thereby adversely impacting the overall income of the infrastructure asset. Furthermore, as of September 30, 2023, the proportion of lease area expiring before the end of 2023 and 2024 relative to the total leased area is 6.7% and 19.2%, respectively. The proportion of expiring fixed rental income to total fixed rental income is 9.6% and 40.7%, respectively. If suitable replacement tenants are not found in a timely manner after the expiration of these leases, the infrastructure assets may experience vacancy and a certain period of vacancy, which would adversely affect the fund's income. The rent levels for future replacement tenants or lease renewals may be lower than the original rental prices, further negatively affecting the fund's income.