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Evergrande crisis

The heavy fine and services ban on PwC shows mainland Chinese regulators want to maintain high auditing standards. Photo: Bloomberg

China slaps PwC with record US$62.2 million fine, 6-month ban

Beijing wants to send a strong message to auditors about their role as gatekeeper, Hong Kong lawmaker Edmund Wong says.

Beijing wants to send a strong message to auditors about their role as gatekeeper, Hong Kong lawmaker Edmund Wong says

13 Sep 2024 - 6:26PMvideocam

China probes Evergrande-linked wealth manager Hywin for illegal fundraising

11 Sep 2024 - 9:40PMvideocam

Struggling Country Garden drops PwC amid turmoil in China property sector

6 Sep 2024 - 12:25PM

Cash-rich buyers make most of Hong Kong’s Peak distress amid 50% price slump

Distressed sales in Hong Kong’s luxury property market have driven prices down by as much as 50 per cent, with opportunistic buyers snapping up bargains, Savills says.

2 Sep 2024 - 10:02AM

Hong Kong’s poor property market has disproportionately affected home vales on The Peak. Photo: Roy Issa

China Vanke reports first interim loss in two decades as home sales plunge

The loss came in 9.4 per cent higher than the top of a range the company defined in a warning last month as home sales plunged nearly 38 per cent.

30 Aug 2024 - 9:00PM

Shimao’s losses widen 90% as China’s property slump shows no recovery in sight

Shanghai-based Shimao posted an interim loss of 22.7 billion yuan (US$3.2 billion) compared with 12 billion yuan a year earlier. Peers Kaisa, Fantasia and Sunac also struggled with poor home sales.

30 Aug 2024 - 11:25AMvideocam

Late resignations tarnish Hong Kong auditors’ credibility, regulator says

The regulator received a record 190 complaints for the financial year ended March 31 and carried out 77 investigations.

28 Aug 2024 - 8:15PM

Last-minute resignations and failure to recognise potential problems are the two major issues affecting auditors’ credibility in Hong Kong. Photo: Sam Tsang

Liu Jin resigns as Bank of China’s president for ‘personal reason’

The move came as a surprise as Liu, born in 1967, has yet to reach the official retirement age of 60 years for men.

26 Aug 2024 - 4:59PM

Chinese builder Yuzhou seeks debt restructuring recognition in US

Move aims to ward off litigation as indebted developer goes through restructuring in Hong Kong and the Cayman Islands.

25 Aug 2024 - 3:38PM

Chinese developers, cities tempt homebuyers with creative perks

‘Developers cannot cut sales prices freely, so they offer more valuable incentives which serve as de facto discounts,’ an analyst says.

25 Aug 2024 - 9:24PM

A China Vanke residential project under construction in Nanjing, Jiangsu province, China, on March 12, 2024. Photo: Getty Images

Debt-laden Kaisa warns of wider losses, echoing China’s property crisis

The developer’s weak report card is likely to resemble those of most mainland Chinese developers, which are expected to extend a losing streak dating to 2020.

22 Aug 2024 - 3:40PMvideocam

Kaisa has made efforts to convince most of its creditors to support its restructuring plan. Photo: Reuters

PwC China unit faces record fine, 6-month ban for Evergrande audit failures

PwC’s mainland unit could face a 500 million yuan (US$70 million) fine and a six-month ban on business for its failure in the audit of bankrupt developer China Evergrande Group, sources say.

22 Aug 2024 - 5:30PMvideocam

Hong Kong site formerly owned by Chinese developer put up for tender

The sale comes a week after the chairman of distressed developer Agile Group, Chen Zhuolin, sold a Kowloon Tong flat for less than half the price paid six years ago.

20 Aug 2024 - 10:28PM

Bankruptcy proceeding against Evergrande unit to proceed, liquidators say

Bankruptcy filing against Kailong Real Estate was accepted by a Guangzhou court, according to a statement to the Hong Kong stock exchange.

19 Aug 2024 - 9:00PM

A file photo shows Evergrande residential buildings under construction in Guangzhou, in China’s southern Guangdong province, on July 18, 2022. Photo: AFP

Chinese developer R&F defaults on US$147 million bond interest payments

Guangzhou-based developer said it is in discussions with the holders of the notes for an ‘amicable solution’.

12 Aug 2024 - 10:06PMvideocam

Guangzhou-based R&F Properties said the interest on notes issued by subsidiary Easy Tactic was due on July 11, with a 30-day grace period. Photo: SOHU

Evergrande shares to stay suspended as liquidators see no path to restructuring

Without a substantial new investment, the collapsed developer will not be able to resume trading amid its massive debt and other challenges.

10 Aug 2024 - 6:29PMvideocam

Evergrande liquidators sue PwC for ‘negligence and misrepresentation’ in audit

PwC, former auditor of the collapsed developer China Evergrande Group, is facing legal action from the liquidators of the company, the latest setback for the accounting firm.

7 Aug 2024 - 7:47PMvideocam

Evergrande NEV’s creditors seek bankruptcy proceedings for carmaker’s 2 units

The bankruptcy petition filed in the local provincial courts on Friday could have a material impact on production and operations, according to an exchange filing.

29 Jul 2024 - 4:31PMvideocam

Evergrande NEV’s Hengchi 1 electric vehicle is displayed at the Shanghai car show in April 2021. The carmaker is mired in financial trouble. Photo: Bloomberg

China, Hong Kong pools of ultra-rich shrink, Asia’s wealth engine cools: Altrata

The number of ultra-wealthy individuals in China fell for the second straight year in 2023 as a sluggish economy and a deepening real-estate downturn took their toll.

24 Jul 2024 - 8:52PM

Hong Kong and mainland China team up on investigating PwC’s audits of Evergrande

China’s Ministry of Finance and Hong Kong’s audit regulators have been assisting each other in their respective investigations of PwC’s audit work of China Evergrande Group.

11 Jul 2024 - 6:20PM

Hong Kong’s regulator partially clears PwC in whistle-blowing case

Review of PwC’s internal investigation shows there is no evidence to support some of the allegations made by anonymous whistle-blowers, AFRC says.

11 Jul 2024 - 9:03AM

PwC is laying off some 100 employees across various divisions and locations in China due to a downturn in revenue prospects. Photo: Bloomberg

China dials up scrutiny of Big Four audit firms after Evergrande probe: sources

China’s Ministry of Finance’s scrutiny is mainly focused on Deloitte, EY, PwC, KPMG and their audits of some financial firms as well as highly leveraged companies.

10 Jul 2024 - 7:13PM

A visitor walks past a booth from accounting firm Deloitte at the China International Fair for Trade in Services (CIFTIS) in Beijing, Saturday, Sept. 5, 2020. Photo AP

PwC starts mass lay-offs in China after losing dozens of clients

More than 30 publicly listed companies including state-owned giants PetroChina, China Life Insurance and Bank of China, dropped PwC as their auditor after an alleged accounting fraud at China Evergrande Group.

10 Jul 2024 - 4:39PM

Singapore fund seeks liquidation of unit of Chinese developer R&F Properties

A winding-up petition filed against Trillion Glory by a private-equity fund owned by Singapore’s investment fund Temasek Holdings is based on unpaid debt of about US$614 million, a Hong Kong exchange filing says.

9 Jul 2024 - 7:22PM

Bank of New York Mellon sues to liquidate Sino Ocean for unpaid debt

Sino-Ocean is joining a growing list of Chinese property developers facing liquidation lawsuits, after a nationwide deleveraging campaign begun in late 2020, sending home sales plunging and causing severe liquidity issues for these home builders.

28 Jun 2024 - 12:00PM

General view of The High Court in Hong Kong’s Admiralty district on 15 February 2024. Photo: Sun Yeung

Chinese company demands sale of Evergrande founder’s Hong Kong flat

Sale of Kowloon home owned by Hui Ka-yan will partially pay off a US$685 million debt, company says in summons letter.

26 Jun 2024 - 6:31PM

A file photo from June 2017 shows Evergrande founder Hui Ka Yan attending a meeting in Wuhan, in China’s central Hubei province. Photo: AFP

Chinese developer Midea Real Estate’s shares surge 100% on spin-off plan

The Foshan-based developer plans to demerge its property development arm, offering shareholders the option of buying out their shares at a 57 per cent premium.

24 Jun 2024 - 5:17PM

Evergrande’s founder sells Hong Kong mansion after 44% discount

The sale showed that liquidators and receivers are making progress in unravelling the web of debt owed by Evergrande and its founder Hui Ka-yan after the developer’s liquidation in January.

12 Jun 2024 - 5:52PM

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Evergrande crisis

Latest news and analysis about the China Evergrande Group, the world’s most indebted property developer. Fears are rising about Evergrande’s ability to repay its cascading pile of debt against the backdrop of muted property sales in mainland China and efforts by Beijing to rein in the property sector in the past year.

last updated:

26 August, 2024