Oaktree Capital has sold a vast plot of land seized from Evergrande in Hong Kong that was intended for a Versailles-inspired mansion.
The sale has forced the heavily indebted Chinese property developer to take a $770mn loss on one of its most significant assets.
The 2.2m sq ft plot was seized by Oaktree after Evergrande defaulted on a loan which used the plot as security. It has now been sold for about $637m to repay debts connected to the project.
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