LONDON/HONG KONG (Financial Times) -- Oaktree Capital has scuppered a plan to restructure Evergrande'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 against which the $158 billion asset manager had security, according to two people familiar with the matter.
