How PwC got burned by China's big property bust [Yahoo! Finance]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
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Source: Yahoo! Finance
The derelict amusement park is among the 800 development projects and scores of vacant homes across China abandoned after the world's most indebted property developer collapsed two years ago. As liquidators take over the debt-ridden property giant, which owes more than $300bn to banks and bondholders, critics now question who should take responsibility for Evergrande's downfall. According to an anonymous letter shared on Chinese social media platform WeChat last week, much of the blame lies with Evergrande's former auditor: PwC. The open letter, which purports to have been signed by unnamed PwC partners, claimed the professional services firm “turned a blind eye” while auditing Evergrande for more than a decade. The letter accused Raymund Chao, chairman of PwC Asia Pacific and China, of being ultimately responsible for bringing the firm into the “hot pit” of Evergrande, which filed for bankruptcy last year. It also raised questions about the other services PwC has provided
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