PricewaterhouseCoopers LLP (PwC) has agreed to a significant settlement of HK$1.3 billion (approximately $166 million) to resolve investigations into its auditing practices for the China Evergrande Group, a major property developer that collapsed under financial strain. The Hong Kong Accounting and Financial Reporting Council (AFRC) has imposed a six-month suspension on PwC, preventing it from accepting new audit clients, alongside a HK$300 million fine. Additionally, PwC will contribute HK$1 billion to a fund for compensating eligible independent minority shareholders of Evergrande. The agreement was made with the Securities and Futures Commission (SFC), which stated that it resolves the issue without any admission of liability by PwC. This settlement follows a series of regulatory challenges faced by the firm after Evergrande's financial troubles, including a prior 441 million yuan fine imposed by Chinese regulators for its auditing failures. The fallout has led to a significant loss of clients and staff for PwC in both Hong Kong and mainland China. The founder of Evergrande, Hui Ka Yan, has pleaded guilty to multiple charges, including bribery and fraud, amid allegations of inflating revenue by over 560 billion yuan (around $82 billion). The case against PwC continues, with a lawsuit from Evergrande's liquidators set for a public court hearing in May 2024.