As if the debt problems of China Evergrande Group were not bad enough, the world’s most indebted property firm and its auditor PwC, one of the Big Four accounting firms, are being probed by Hong Kong’s independent listed entity auditor regulator, the Financial Reporting Council FRC, on the Chinese developer’s accounts.
The Hong Kong-listed firm owes about US$300 billion in debt. With interest repayments having been due to start from September 23, a report by SP Global Ratings published the same week suggested the company's imminent default.
The probability of this increased with the cancellation of a deal that would have netted HK...
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