Oaktree Capital has scuppered a plan to restructure Evergrande’s $20bn 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 against which the $158bn asset manager had security, according to two people familiar with the matter.
The 2.2m sq ft project was a key piece of collateral in a planned restructuring of Evergrande’s giant offshore debt load but the plan is now in turmoil after Oaktree appointed a receiver, according to one of the people.
您已阅读16%（686字），剩余84%（3685字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。