Hong Kong’s accounting watchdog has launched an investigation into Evergrande Property Services, a major subsidiary of the embattled Chinese property developer, and its auditor PwC over a $2bn loan scheme that led to an executive clear-out last month.
The investigation will put more scrutiny on Evergrande, the world’s most indebted real estate developer, after it failed to meet a self-imposed deadline to restructure its $300bn in liabilities at the end of July.
It also adds pressure on Big Four auditor PwC, which repeatedly gave Evergrande’s accounts a clean bill of health before the developer defaulted on its international debts late last year.
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