The fines from the China Securities Regulatory Commission and Ministry of Finance relate to the auditing of a subsidiary of troubled property developer Evergrande which inflated its revenue by billions of dollars; PwC's global chair has described the work as "completely unacceptable".
After a damning Hong Kong court verdict, Chinese developers to face higher financing costs, and the move could set a precedent for future liquidations.
International investors will be closely watching if the liquidators, from Alvarez & Marsal Asia, have any power over the enforcement of assets in China of the troubled property group.