https://finance.yahoo.com/news/evergrande-auditor-pwc-resigns-disagreements-160447030.html
Evergrande Says PwC Resigns After 2021 Audit Disagreements
who is evergrande group?
The China Evergrande Group is the second largest property developer in China by sales.[3] It is ranked 122nd on the Fortune Global 500.[4] It is incorporated in the Cayman Islands, a British Overseas Territory, and headquartered in the Houhai Financial Center in Nanshan District, Shenzhen, Guangdong Province, China.[5] It was founded in 1996 by Xu Jiayin. It sells apartments mostly to upper- and middle-income dwellers.[6] In 2018, it became the most valuable real estate company in the world.[7]
In 2021, the payments Evergrande had to make on its debt started the 2020–2022 Chinese property sector crisis; Evergrande's total debts were estimated in the hundreds of billions of dollars. This was one of the reasons for a drop in many stock market indices on September 20, 2021.[8] At the end of 2021, the Chinese government was reportedly working to restructure Evergrande in order to resolve the crisis.[9][10] The group also sought a moratorium on the early repayment option on one of its yuan-denominated bonds from its bondholders on 7 January 2022.[11]
In April 2022, Reuters reported that construction had been started again at many projects[12] and that the company still had liabilities of US$300 billion.
The Great Default