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The Howard Hughes Corp. (NYSE: HHC), the Houston-headquartered real estate development and management firm, has created a newly incorporated holding company structure.

The Howard Hughes Holding Corp. will become the new parent company and take over as the publicly traded entity on the New York Stock Exchange. Existing shares of The Howard Hughes Corp. stock will be automatically converted on a one-for-one basis into shares of common stock of The Howard Hughes Holding Corp., which will retain the ticker symbol “HHC.” The board and the executive officers of the company will continue in their same roles at the new company.

“The company believes that implementation of the reorganization will promote the growth of its businesses, including by providing additional flexibility to fund future investment opportunities and to segregate assets and related liabilities in separate subsidiaries,” said the company in a press statement. “The holding company reorganization is intended to be a tax-free transaction for U.S. federal income tax purposes for the company stockholders. The holding company reorganization is expected to be effective Aug. 11, 2023, or as soon as practicable thereafter.”