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Hong Kong — <\/span>PwC, one of the world’s largest accounting firms, is paying HK$1.3 billion ($166 million) in fines and compensation for its audit work in Hong Kong. fail<\/a> Chinese property developer Evergrande, which was said to have overstated revenues.<\/p>\n Hong Kong’s accounting regulator on Thursday also announced a six-month ban on PwC from working for new clients and said it had issued public reprimands to two of its former partners for misconduct, and fined each of them separately HK$5 million.<\/p>\n China Evergrande, one of China’s largest property developers and once considered “too big to fail”. mistake<\/a> in 2021 and became the world’s most indebted developer with liabilities of approximately $300 billion. Its rapid collapse was the most prominent case of failure in China’s property sector, which was embroiled in a liquidity crisis after authorities clamped down on excessive borrowing in the industry as many other developers also defaulted or restructured.<\/p>\n The recession in the property sector still continues in China I haven’t fully recovered yet<\/a>That has hit home prices across the country and hit consumption and investment sentiment, hurting China’s macroeconomic growth.<\/p>\n