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Chinese authorities have banned the accounting firm PwC for six months and fined it over 400 million yuan ($56.4 million) over its involvement in the audit of collapsed property developer Evergrande.
The China Securities Regulatory Commission (CSRC) slapped a penalty of 4.175 billion yuan ($580 million) on Hengda Real Estate, the group’s main Chinese unit, the company said in filings to the ...
After scandals in Australia and China this year, PwC has lost business in the Asia-pacific region. On Monday, the Big Four consulting firm reported a 12.7% decline in net income in the region for ...
Evergrande stated on 19 March 2024 that the China Securities Regulatory Commission (CSRC) had found that the company had overstated its revenue in 2019 by 214 billion yuan (nearly US$30 billion), or about half, and in 2020 its revenue was overstated by nearly 80%, or 350 billion yuan (US$48.6 billion). [101]
One of the key reasons for the Chinese mortgage boycott is a result of the previous high demand for housing. The rise of the middle-class in China since the early 2000s precipitated a substantial investment in property, with many channelling savings into real estate as given the widely-held perception of Chinese property as one of the most stable forms of investment, with house prices ...
A separate regulator, the China Securities Regulatory Commission, also imposed fines and confiscations totaling 325 million yuan ($45.8 million) on PwC for allegedly failing to perform due diligence in the audit of Evergrande. China's finance ministry said PwC issued "false audit reports" of Evergrande and that the audit procedures had ...