Liquidators for China Evergrande Group are seeking 57 billion yuan in damages from PricewaterhouseCoopers, accusing the auditing firm of negligence in its audit work related to the failed Chinese property developer, a Hong Kong court was told on Monday. The potential damages claim adds to the financial and regulatory pressure already faced by PwC following Evergrande's collapse.
China Evergrande Group was delisted from the Hong Kong Stock Exchange on Monday. The risk of more developer defaults has subsided, but consolidation around state-backed developers appears inevitable.
China Evergrande delists from Hong Kong today – and China's real estate woes continue to mount.
China Evergrande Group's electric vehicle (EV) unit said on Tuesday it agreed to sell its 20% stake in a Sweden-based real estate property lessor for 60 million krona ($5.63 million).
China Evergrande New Energy Vehicle said on Monday it is struggling to attract strategic investors amid a severe liquidity crisis, which has hampered its operations and delayed essential audits for 2024.
China Evergrande New Energy Vehicle said on Friday that its potential sellers have decided to cease talks for a stake sale in the company, which is the electric vehicle unit of the debt-laden China Evergrande.
Liquidators of the electric vehicle arm of debt-laden China Evergrande are still in talks with a potential buyer to take a stake in the company with a view to provide a new credit line to support production.
Chinese regulators will likely order business suspension for a big part of PricewaterhouseCoopers' auditing unit in mainland China for six months, as part of punishment for its work on troubled property developer Evergrande, five sources said.
Liquidators of troubled property giant China Evergrande Group have started legal action against PricewaterhouseCoopers, accusing it of "negligence" and "misrepresentation" in its work for the group, the Financial Times reported on Tuesday.
China Evergrande New Energy Vehicle said on Monday a local court had ruled that two of its units should enter into bankruptcy and be reorganised, a week after individual creditors of the units filed for such proceedings.
Shares of China Evergrande New Energy Vehicle are set to open up 9% after individual creditors of two of its units applied to a local court for bankruptcy and reorganization.
China Evergrande's former CEO, who Chinese regulators recently said was "uncontactable", has sold his home in Hong Kong at a loss of HK$74 million ($9.48 million) from the purchase price, according to a property agent.