Property investment company Hon Kwok Land has announced the sale of the newly completed Hon Kwok Leighton Centre in Causeway Bay for $861.6 million, within analysts' expectations. The deal, undertaken without an independent valuation, translates to $7,000 per square foot. The buyer, Statex (Far East), will pay the agreed amount in six payments, concluding on January 8 next year. Hon Kwok Land said the new owner would have the right to rename the building and apply to convert it to hotel use before the final payment date. The Hon Kwok Leighton Centre was earmarked as an investment property by Hon Kwok Land, but having failed to attract tenants, the company decided to put the project up for sale. The building, in Leighton Road, has a gross floor area of 123,094 sq ft, comprising 20 office floors and three retail floors on the lower levels. Analysts had estimated a sale price of between $810 million and more than $900 million.