Reality Fine, Refine's largest shareholder, has rejected Cha Partners Asset Management's demand that the real estate title-search specialist buy back and cancel treasury shares. The special purpose company established by Stonebridge Capital and LS Securities holds 47.96% of Refine and argues that using corporate cash for share repurchases would conflict with efforts to restore competitiveness and build new businesses. Reality Fine cited Refine's memorandum of understanding to review a B2C proptech merger and acquisition deal valued at 70 billion to 80 billion won, or approximately $59.4 million. Refine generates more than 90% of its revenue from jeonse deposit loan service fees as the rental market shifts toward monthly rent and jeonse loan requirements tighten. Reality Fine is offering to buy an additional 5.199 million shares, equivalent to 30% of Refine's issued shares, from August 18 to September 16. Full acceptance would raise its stake to approximately 78%, and the offer does not require delisting. Existing shareholders can sell at about a 30% premium to the pre-offer price or remain invested in the listed company. Reality Fine says it will prioritize multi-year investment in existing operations, new markets, business diversification and AI-based review systems over short-term shareholder returns.