HON Kwok Land Investment Co has agreed to sell its prime property development in Causeway Bay to a China-backed company for $660 million. The property, with a gross floor area of 48,600 sq ft, is a commercial building at the junction of Percival Street and Jaffe Road. A 10 per cent down-payment was paid and the deal would be completed in September next year. The buyer is Periwin Development, a trading firm in Foshan, Guangdong province, which is an active player in the territory's real estate market. Meanwhile, minority shareholders of Hon Kwok's parent company, Chinney Investments, yesterday questioned the management's investment strategy in the consumer and industrial electronic products firm Management Investment & Technology (Holdings) (MIT), which posted disappointing performances in the past two years. During the annual meeting of the construction and garment manufacturing firm, minority shareholders expressed dissatisfaction with the performance of Chinney's 20 per cent-owned associated company. MIT is mainly engaged in the manufacture and marketing of smoke detectors, electronic weighing scales and energy-saving electronic power converters for lighting applications. It suffered losses of $3.87 million in 1992 after a profit of $20.6 million in 1991. Although it returned to the black last year, net profit was only $9.05 million. Chinney chairman James Wong Sai-wing conceded that the decision to invest in MIT was wrong. He said the company was interested in MIT's smoke detectors business when it acquired the stake in 1989. The division had performed quite well, but the company's overall result was disappointing due to losses in other divisions.