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Top related persons:
Zhong Tian - 1 “ PwC - 1 ” - 1 PwC Zhong - 1 Daniel Li - 1 Hemione Hudson - 1 CSRC - 1 PwC - 1
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China New York PwC Hong Kong Beijing Dubai
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China Evergrande Group - 1 Big - 1 — - 1 China Securities Regulatory Commission - 1 China’s Ministry of Finance - 1 Bank of China - 1 CNN - 1 China’s - 1

Search resuls for: "” Evergrande"


3 mentions found


☆ China fines PwC a record $62 million for its role in the Evergrande collapse
  + stars: | 2024-09-13 | by ( ) edition.cnn.com   time to read: +3 min
Chinese regulators have hit PwC’s auditing unit in mainland China with a six-month business suspension and a record fine of 441 million yuan ($62 million) over the firm’s audit of troubled property developer China Evergrande Group. “PwC has seriously eroded the basis of law and good faith, and damaged investors’ interest,” said the China Securities Regulatory Commission in a statement. PwC Zhong Tian, the registered accounting entity and the main onshore arm of PwC in China, was the country’s top-earning auditor in 2022, according to the latest official data. The ministry also imposed a fine of 116 million yuan ($16 million) on PwC Zhong Tian for its auditing failure of Hengda in 2018, according to an MOF statement. The CSRC said in a separate statement that it had confiscated PwC Zhong Tian’s revenue involved in the Evergrande case totalling 27.7 million yuan and fined the unit 297 million yuan.
Persons: Zhong Tian, “ PwC, ”, PwC Zhong, Daniel Li, Hemione Hudson, CSRC, PwC Organizations: China Evergrande Group, Big, —, China Securities Regulatory Commission, China’s Ministry of Finance, Bank of China Locations: China, PwC, Hong Kong, New York
☆ China’s Evergrande files for bankruptcy
  + stars: | 2023-08-17 | by ( Samantha Delouya | ) edition.cnn.com   time to read: +3 min
CNN —China’s Evergrande Group — once the country’s second-largest property developer — filed for bankruptcy in New York on Thursday. Evergrande filed for Chapter 15 bankruptcy protection, which allows a US bankruptcy court to step in when an insolvency case involves another country. Chapter 15 bankruptcy is intended to help promote cooperation between US courts, debtors, and other countries’ courts involved in cross-border bankruptcy proceedings. But Evergrande’s 2021 default sent shockwaves through China’s property markets, damaging homeowners and the broader financial system in the country. Evergrande is a massive company with more than 1,300 real estate projects in more than 280 cities, according to its website.
Persons: —, Evergrande, ” Evergrande Organizations: CNN, China’s, Shimao, NWTN, EV Locations: New York, Beijing, China, Dubai
☆ Evergrande Group announces long-awaited debt restructuring deal after 2021 collapse
  + stars: | 2023-03-23 | by ( Laura He | ) edition.cnn.com   time to read: +3 min
Hong Kong CNN —China’s Evergrande Group, whose collapse in 2021 sparked China’s worst property market crisis on record, has unveiled a multi-billion dollar restructuring plan to make peace with its international creditors. The long-awaited plan could set an important precedence for investors dealing with the growing defaults and restructuring in China’s real estate industry. Evergrande has reached “binding agreements” with its international bondholders on the key terms of its restructuring plan, the company said late Wednesday in a 200-page filing. That means most of the company’s international creditors have agreed on the deal. Earlier this week, Evergrande said at a court hearing in the city that it would publish details of the restructuring plan on Wednesday.
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