PwC Accused of Inflating Evergrande’s Income by $77 Billion

PwC is now one of three of the Big Four accounting firms working in China who have been embroiled in financial scandals.

A worker pusher a cart in front of a sign showing Evergrande Group's China operation at a housing complex by the property developer in Beijing on Dec. 8, 2021. Noel Celis/AFP via Getty Images

Evergrande’s auditor, PricewaterhouseCoopers (PwC), is under scrutiny after being accused of inflating the floundering real estate giant’s income by 560 billion yuan ($77 billion).

The China Securities Regulatory Commission (CSRC) announced on March 19 that Evergrande overstated its income by 214 billion yuan ($30 billion) in 2019 and 350 billion yuan ($48.6 billion) in 2020 and then raised funds in the financial markets based on falsified data.