Regulators hit PwC's auditing unit in China with a six-month business suspension and a 441 million yuan fine over the firm's audit of China Evergrande Group.
Investor confidence in China's real estate market appear to be boosted by the government's promise to support the sector and some loosening of policies. But analysts say China's high-growth property market may be a thing of the past.
Chinese authorities have been examining PwC's role in Evergrande's accounting practices since the CSRC accused the developer in March of aThe business suspension and fines are the toughest ever penalty received by a Big Four accounting firm in China, and come against the backdrop of an As part of the penalties, PwC Zhong Tian will be barred from signing off on certain key documents for clients in mainland China such as results and IPO applications in the next six months.
"We are disappointed by PwC Zhong Tian's audit work of Hengda, which fell unacceptably below the standards we expect of member firms of the PwC network," PwC network, the alliance of PwC's global member units, said in a statement. The CSRC said in its statement it had fined PwC Zhong Tian 325 million yuan, close to the total amount of penalties imposed by the regulator on over 50 auditors in the past three years.
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