The FTI Consulting report's key findings cleared one hurdle for the company to resume trading and management are discussing them with an independent committee of the board of directors, according to the e-mail. Kaisa's woes began when Shenzhen authorities blocked sales of some of its projects during a regulatory probe. Founder Kwok Ying Shing subsequently agreed to sell the family's stake to Sunac China Holdings, only for its rival to drop the deal saying Kaisa accounts underestimated its troubles. Mr Kwok negotiated a debt restructuring completed in July last year. The fact that Kaisa sold the debt through a Cayman Islands subsidiary gave investors less leverage during negotiations, said Charles Macgregor, head of Asian high-yield research at Lucror Analytics in Singapore. "Investors need to be wary of reasons why a company is registered in the Cayman Islands, where the corporate law provides poor protection for oppressed minorities," Macgregor said.