Soyohanham Residence, a high-end senior residence in Hannam-dong, Seoul, had an actual contract rate of about 20% at the end of August despite attracting more than 1,500 applicants for 111 units and an average subscription rate of 13.5-to-1 in May. Deposits of roughly 5 billion to 6 billion Korean won per unit and monthly living costs of about 10 million won have contributed to cancellations and delayed inflows, increasing pressure on Laffel, also rendered Rafel, Jo Man-ho’s wholly owned investment company. Laffel controls Efkot Hannam SPC, also rendered Effcot Hannam SPC, which owns 100% of Soyohanham Residence. Jo pledged Musinsa shares against Laffel’s borrowings, including 24,784,150 shares at the end of 2024, equal to 23.4% of his holdings; enforcement after an event such as loss of benefit of the term could reduce his 51.93% stake to about 38.6%. Korea Investment & Securities, Musinsa’s representative lead underwriter, separately lent 42 billion Korean won to Laffel at 5.30% interest secured by 5,866,900 Musinsa shares, participated in 15.4 billion Korean won of Soyo Hannam project financing at 5.70% maturing in April 2029 and held a 60 billion Korean won quasi-security interest linked to the project operator. The overlapping lending and underwriting roles have prompted conflict-of-interest concerns, although the company may use an information barrier between teams. Musinsa applied for preliminary listing review on the Korea Exchange’s securities market on the 7th, with Korea Investment & Securities and Citi Group Global Markets Securities as lead underwriters, and has said it intends to resolve the collateral issue before its IPO.