Evergrande

Chinese authorities have been examining PwC's role in Evergrande's accounting practices since CSRC accused developer in March of a $78-billion fraud over a period of two years through 2020

The troubled developer's liquidators are pursuing legal action to recover approximately $6 billion from seven defendants

PwC has been in focus over its role in auditing China Evergrande Group which was accused of a $78 billion fraud, triggering a client exodus, cost cuts and layoffs

PwC's China unit has already lost at least two-thirds of its accounting revenues from mainland-listed clients this year since its Evergrande audit failure

PwC has been under the spotlight after China launched one of the biggest investigations of financial fraud in history

Creditors of the Evergrande units - including Evergrande itself, if there are outstanding loans - must report details of money owed before creditor meetings

China Evergrande defaulted on more than $300 billion of its international debts in 2021, triggering a financial crisis within China's property sector

The liquidators said they had obtained injunctions restraining Hui, Ding and Xia from dealing with, disposing of, or diminishing the value of their worldwide assets up to various prescribed limits

The value of new home sales at China's top 100 real estate companies slid 41.6% in January-June from the same period a year ago

In annual terms, new home prices were down 3.9% from a year earlier, compared with a 3.1% slide in April

Evergrande was ordered to be liquidated by a Hong Kong court in January, after it failed to deliver a concrete restructuring plan for its $23 billion worth of offshore debt deemed to be in default

All of Evergrande's properties in Hong Kong have been seized or sold, while the personal assets of Hui are not included in the liquidation process

PwC has been under the spotlight after China launched one of the biggest investigations of financial fraud in history involving developer Evergrande

It fuels concern about how widespread such accounting issues are, just as the new China Securities Regulatory Commission chairman is trying to tighten oversight

Troubled property developer China Evergrande Group says Beijing's stock watchdog has fined it 4.2 billion yuan ($333.4 million) for allegedly falsifying its revenue, among other violations, as it conducts a deep clean of the troubled financial sector. The company said in a release to mainland Chinese stock exchanges late Monday that its chairman, Hui Ka Yan, was fined 47 million yuan ($6.5 million) and banned from China's markets for life. Hui, also known as Xu Jiayin, was detained by authorities in September for suspected illegal crimes. The notice cited a preliminary ruling by the China Securities Regulatory Commission, which recently got a new chief, Wu Qing, an industry veteran with a reputation for being tough on market misbehavior. Evergrande is the world's most indebted property developer, with more than $300 billion in debts. It is among dozens of Chinese companies that have collapsed since 2020 under official pressure to rein in excessive borrowing that the ruling Communist

The move comes after China Evergrande Group, the world's most indebted property developer, was ordered to be liquidated by a Hong Kong court in late January

The latest measures add to a string of policies deployed by the world's second-largest economy over the past year to help revive the property sector, which accounts for a quarter of China's GDP

Almost all of Evergrande's assets are in mainland China, presenting legal hurdles for non-Chinese administrators

A Hong Kong court on Monday ordered property developer China Evergrande Group to liquidate after it was unable to reach a restructuring deal with creditors. Judge Linda Chan said it was appropriate for the court to order Evergrande to wind up its business given a lack of progress on the part of the company putting forward a viable restructuring proposal as well as Evergrande's insolvency. Evergrande was granted an earlier reprieve after it said it was attempting to refine a new debt restructuring plan of more than USD 300 billion in liabilities. Evergrande, the world's most indebted property developer, is one of many property firms that ran into trouble when Chinese regulators cracked down on excessive borrowing in the real estate sector. The company first defaulted on its financial obligations in 2021, just over a year after Beijing clamped down on lending to property developers in an effort to cool a property bubble.

Evergrande liquidation would be keenly watched