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Evergrande crisis heralds more distressed debt: Howard Marks

Oaktree founder sees Chinese economy changing from constant boom to cyclical 'reality'

Howard Marks, founder of Oaktree Capital Management. (Photo courtesy of the Milken Institute)

NEW YORK -- As cracks start to show in China's capital-intensive growth model, Oaktree Capital Management founder Howard Marks anticipates more opportunities for the firm's mainstay business of investing in heavily discounted distressed debt.

Developer China Evergrande Group's debt crisis is "a moment of transition to what I would call economic reality," with the "ups and downs" seen in developed economies, Marks said, and downturns will mean more nonperforming loans to invest in.

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