Commentary The unraveling of Chinese property giant Evergrande, the world’s most indebted developer, has prompted an unusual intervention by a U.S. investor. Los Angeles-based Oaktree Capital Management seized control of “Venice,” a massive apartment complex near Shanghai, after the project defaulted on a secured loan that Oaktree provided late last year, according to reporting in January by the Financial Times. Evergrande had invested billions of dollars in the coastal project in Jiangsu Province, which features 66 million square feet of residential space. Oaktree also took over a huge plot of undeveloped Hong Kong land from the flailing real estate firm. The audacious moves by Oaktree, a $161 billion distressed debt specialist, grabbed headlines and signaled that the Chinese Communist Party (CCP)—which most likely approved the Shanghai deal—is still open to certain types of foreign investment. In fact, Oaktree’s investments barely scratch the surface of America’s growing financial involvement in China. …