Why are newly grown leaves red?
It is anthocyanins that are produced to protect the developing photosystems (chlorophylls) from being damaged by sunlight. 

As you have noted, it dissipates as the photosystems become adapted to the ambient light levels. Were you able to shade your trees for several weeks, you would likely also see their leaves turn red right after you removed the shade (easily done with trees in pots). Again, it is anthocyanin positioned in the leaf in a layer above the chloroplasts, but it will not be as vibrantly red because of the green chloroplasts below.