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Oaktree still sees chance in China's distressed debt, co-founder says

Howard Marks optimistic but warns of risk in Beijing siding with Moscow

Howard Marks, co-founder and co-chairman of Oaktree Capital Management. (Photo by Takenori Miyamoto)

NEW YORK -- Oaktree Capital Management co-founder Howard Marks anticipates more opportunities for the firm's mainstay business of investing heavily in discounted distressed debt. During the debt crisis of developer China Evergrande Group, he captured two prime assets taken as collateral.

But the Russian invasion of Ukraine has made the future of Chinese investments a bit uncertain. Marks, a co-chairman at Oaktree, stressed in an interview with Nikkei that he is optimistic but warned of disappointing results if Beijing sides with Moscow. He is particularly wary of the possible negative impact on Sino-American relations.

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