How Oaktree captured Evergrande’s castle

Howard Marks’ $US161 billion fund has control of two prize assets in China after defaults by the world’s most indebted developer.

Tabby Kinder, Robert Smith, Harriet Agnew and Sujeet Indap

Feb 6, 2022 – 1.39pm

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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