PwC making investments for 'high quality' business in China, internal memo says

A building housing the PricewaterhouseCoopers (PWC) branch office stands behind a Chinese national flag in Beijing January 24, 2014. REUTERS/Kim Kyung-Hoon/File Photo

HONG KONG: PwC is making "tangible investments" to ensure the Big Four firm has high quality and sustainable business in China, it said in a memo to staff after Chinese regulators on Friday hit the company's mainland unit with a record penalty.

PwC Zhong Tian LLP was hit with a six-month suspension and a record fine of 441 million yuan ($62 million) on Friday over the firm's audit of failed property developer China Evergrande Group .