US-based Oaktree Capital Group has signed a Memorandum of Understanding (MoU) with China Cinda Asset Management to invest in distressed assets in China and to explore distressed assets investments in markets outside China.
As per the agreement, Oaktree and Cinda will establish a strategic relationship and pursue business cooperation opportunities utilizing Cinda’s experience in China and Oaktree’s experience elsewhere.
The firms have formed a joint venture that will be equally owned by them. The JV will invest in distressed assets in China, subject to negotiation and execution of definitive documentation.
John Frank, managing principal of Oaktree, said: "Cinda’s experience and expertise in China is unparalleled and will afford us a unique opportunity to participate in China’s distressed debt markets. At the same time, we look forward to sharing our global insights and expertise with Cinda."
Jianhang Hou, chairman of Cinda, said: "We believe today’s announcement represents the beginning of a powerful partnership for each company to leverage their existing talents and expertise to build a great entity."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData