Howard Marks’ $US161 billion fund has control of two prize assets in China after defaults by the world’s most indebted developer.
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On a sprawling undeveloped wetland in northern Hong Kong, one of America’s most formidable distressed-debt investors last week upended China’s biggest restructuring by capturing “the Castle”.
Oaktree Capital, one of the oldest specialists in chasing companies for unpaid debts, seized a vast plot of land that symbolises the folly of Chinese property developer Evergrande’s meteoric ambitions before it collapsed under its $US300 billion ($424 billion) debt load.
The Telegraph London
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Original URL: https://www.afr.com/world/asia/how-oaktree-captured-evergrande-s-castle-20220206-p59u69
