China fines PwC US$62.7 million over Evergrande accounting fraud

The Chinese auditing unit of accounting giant PwC has been fined a record CNY441 million (US$62.7 million) and banned from auditing in mainland China for six months after a regulator concluded it had "covered up and even condoned" fraud at Evergrande Real Estate Group, notably its Hong Kong subsidiary Hengda.

By Sara Lewis

The Chinese auditing unit of accounting giant PwC has been fined a record CNY441 million (US$62.7 million) and banned from auditing in mainland China for six months after a regulator concluded it had "covered up and even condoned" fraud at Evergrande Real Estate Group, notably its Hong Kong subsidiary Hengda.