(Yicai Global) Oct. 8 -- Han's Laser Technology Industry Group said that it hired PricewaterhouseCoopers to audit its Europe unit and confirmed that all funds the Chinese laser maker remitted to it were spent on building a research and development center in Switzerland.

Auditors at PwC auditors said funds sent from Han's Laser Technology Hong Kong to Han's Investment and then on to Han's Europe went exclusively to the Kurpark Engelberg project, the Shenzhen-based firm said in a statement today.

Sharp increases in the project's budget amid slow progress had previously triggered investor and public concern and drew the attention of the Shenzhen Stock Exchange, which sent two query letters to Han's Laser.

The project involves buying land and properties, namely Europaischer Hof, in Engelberg and construction work, PwC said in a report, which added that Han's Laser Technology Hong Kong provided about CHF134 million (USD135 million) for the project between Oct. 1, 2011 and June 30 this year.

The European R&D center was launched in 2011 under the name of European R&D and Operation Center Extension Project with a budget of CNY50 million (USD7.0 million), according to Han's Laser's annual report. That was raised to CNY1.1 billion (USD153.8 million) late last year after a number of adjustments, and CNY670 million had been invested in the project, but only 64 percent of it was completed.