PwC to Gradually Exit Auditing Chinese Private Developers: REDD

PricewaterhouseCoopers plans to gradually exit auditing Chinese private property developers, according to a REDD report citing two sources from two private developers that hired PwC as their auditor, and two sources close to PwC.

• Following China Evergrande Group’s troubles last year, PwC became cautious about signing off on the 2021 annual financial statements for some developers, REDD said, citing three of the sources
• PwC declined to comment when contacted by Bloomberg on Friday
• Note: PwC has resigned from auditing several developers’ 2021 financial results, including Powerlong Real Estate, Ronshine China, Hopson Development
  • Other developers PwC is auditing have warned there ...