Recovering property developer Kong Tai International Holdings has reported an attributable loss of $21.39 million for the year to December. This compared with a $154.26 million loss for the nine months to December 1995. Directors said much of the year, particularly the second half, was spent in efforts to resurrect the company after poor results under its previous management. Moves instigated by the new management have included raising $123 million from a share placement in December and a further $58.5 million from another placement in January. In January, it bought for $21 million a property, Wellstech, which has a guaranteed rental of more than $2.8 million a year. Losses per share were 2.73 cents in 1996; the previous nine months saw a 21.44 cent loss per share. Managing director Wong Wai-chi said the payment of debts and refinancing of short-term loans would reduce interest costs and stabilise cash flow.