Oaktree Capital has scuppered a plan to restructure China Evergrande Group’s $20 billion of offshore debts by seizing a vast Hong Kong plot where the ailing property developer’s chair had intended to build a Versailles-like mansion.
Los Angeles-based Oaktree this week moved to seize control of the asset — known by insiders as “Project Castle” — after Evergrande defaulted on a loan which the $158-billion-strong asset manager had as security.
Read the full report: Financial Times.
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