Core Viewpoint - The first batch of nine public REITs launched on May 31, 2023, has seen strong demand from both institutional and retail investors, with several products reportedly selling out on the first day of issuance [1][3]. Group 1: Issuance and Demand - The public subscription for the first batch of REITs was robust, with the public portion of the Bosera China Merchants Shekou Industrial Park REIT exceeding 4 billion yuan within half a day [2]. - By the evening of May 31, Bosera Fund announced that due to overwhelming demand, the public subscription for the Bosera China Merchants Shekou Industrial Park REIT would end early, with similar announcements from other funds [3]. - Other REITs, such as the Fortune First Water REIT, also reported over 3 billion yuan in subscriptions by the morning of May 31, indicating a trend of rapid sellouts across the board [3]. Group 2: Factors Driving Popularity - The popularity of the first public REITs is attributed to their relatively low investment risk and stable returns, appealing to risk-averse investors [4]. - Communication with various financial institutions revealed strong interest from small and medium-sized banks, insurance asset management, and private equity funds, alongside significant retail investor engagement [4]. - The limited public subscription quotas for these REITs, generally not exceeding 100 million shares, contributed to the swift sellout, with total public investor subscription limits around 2.08 billion yuan for the entire batch [4]. Group 3: Market Potential - The infrastructure REITs market in China is projected to reach nearly 10 trillion yuan over the next decade, with an estimated 180 trillion yuan in new fixed asset investments anticipated [7]. - The development potential for infrastructure REITs is significant, with expectations that this business could become a new growth point for many fund companies [7].