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Oaktree Capital sees gold in distressed Chinese debt

Co-founder Marks prepares for the coming 'first' recession

A man rides an electric motorcycle carrying water past Chow Tai Fook Financial Center in Tianjin's Binhai new district.    © Reuters

NEW YORK -- Oaktree Capital Management, one of the world's top investors in equity and debt of troubled companies, has set its sights on China, according to co-Chairman Howard Marks, who sees the country's economic slowdown as a business opportunity.

"Modern China has never had a recession. One day it will," Marks said in an interview with Nikkei. "They've been stimulating the economy through a lot of credit creation. And these things will not continue forever," he said, pointing to a business opportunity for his firm.

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