Real Estate Investment Trusts (REITs) are trust funds that are managed by specialized investment institutions for real estate investment and distribute comprehensive investment income to investors in proportion. They can operate in a closed environment or be traded and circulated on the market. At present, China is exploring a path for the development of REITs that not only follows mature market laws but also adapts to China's national conditions. The continuous development and growth of infrastructure REITs have also been fully recognized by the capital market. Red soil Shenzhen Anju REIT, as one of the first batch of affordable rental housing infrastructure REITs (hereinafter referred to as rental housing REITs), further enriches the product types of infrastructure REITs. After nearly 5 years of practical exploration, Shenzhen has taken the lead in introducing innovative measures in policy support, model innovation, and architecture construction, taking a step forward in the development of national rental housing REITs. The pilot project runs smoothly and enters the Anju Baiquan Pavilion located in Futian District, the central urban area of Shenzhen. The road surface of the community is clean and tidy, with lush green plants and blooming flowers on both sides. The outdoor activity area has a sports and fitness area and a children's playground. The operation service center is equipped with a reading room, a cultural activity display corner, and complete living and public supporting facilities. Anju Baiquange guaranteed rent housing project is one of the bottom assets of Shenzhen Anju REIT of Red Earth Innovation. Li Xinfang, the operator of the Anju Baiquan Pavilion project and the project manager of Shenzhen Housing Rental Operation Management Co., Ltd., introduced that Anju Baiquan Pavilion has a total of 594 guaranteed rental properties, with an average monthly rental unit price of 59.7 yuan/square meter; There are also 9 supporting shops with a total area of 414 square meters, mainly including delicatessen shops, bakeries, convenience stores, etc., which are convenient for residents to purchase in their daily lives. On August 31, 2022, Red Earth Innovation Shenzhen Anju REIT was listed, with an issuance scale of 1.242 billion yuan, rising 29.99% on the first day of listing, 133 times of offline inquiry times of institutional investors, 254 times of public subscription times, and 3.95% of the cash distribution rate of issuance pricing, all of which broke the national record at the issuance time point. "The underlying assets of Red Earth Innovation Shenzhen Anju REIT are Anju Baiquange, Anju Jinyuan, Poly Champagne Garden and Phoenix Mansion, four high-quality guaranteed rent housing projects, all located in the core area or district of Shenzhen, involving 1830 affordable rental housing units of 134700 square meters, with an asset evaluation value of about 1.158 billion yuan." He Kun, general manager of Shenzhen Venture Capital Red Earth Asset Management (Shenzhen) Co., Ltd. said, The Anju Baiquan Pavilion and Anju Jinyuan projects are self built projects by Shenzhen Talent Anju Group, while the Poly Champagne Garden and Phoenix Mansion projects are transfer projects with clear project ownership. The four projects all have convenient transportation and complete living facilities. The main rental targets are employers and individuals. The quality and income level of the residents are high, and the rental payment ability is strong. They have a continuous and stable cash flow, meeting the requirements for the return rate of issuing REITs. Up to now, Red Earth Innovation Shenzhen Anju REIT has been listed for nearly 8 months. Is it running smoothly? At present, the overall operation of Shenzhen Anju REIT of Red Earth Innovation has remained stable. On April 6, the share price was 2.755 yuan per share, up 11% compared with the issue price, and the overall market value reached 13