Chinese regulators have issued a $62 million fine to PricewaterhouseCoopers (PwC) and suspended the Big Four auditor’s business operations in mainland China for six months over its work on defaulted property development Evergrande Group in 2018 to 2020.
Evergrande was one of China’s top real estate developers but it defaulted on its debt in 2022 and within months, PwC and its affiliate in mainland China, PwC Zhong Tian, resigned as auditors for the property empire and its subsidiary Hengda Group.
