lp13da3-hhc_chinainv.htm

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
SCHEDULE 13D 
 
Under the Securities Exchange Act of 1934 (Amendment No. 3)
 
 
 
The Howard Hughes Corporation
(Name of Issuer)
 
COMMON STOCK, $0.01 PAR VALUE PER SHARE
(Title of Class of Securities)
 
 
44267D107
(CUSIP Number)
 
 
 
Cai Zhiwei
China Investment Corporation, Stable Investment Corporation, Best Investment Corporation
New Poly Plaza
No.1 Chaoyangmen Beidajie
Beijing 100010, P.R. China
Facsimile: +86 (10) 64086282
 
Copy to:
 
Lee Parks, Esq.
Fried, Frank, Harris, Shriver, & Jacobson LLP
One New York Plaza
New York, NY 10004−1980
(212) 859−8000
 
 
January 18, 2013
(Date of Event Which Requires Filing of This Statement)
 
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. 
 
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.
 
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
 
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 
 
 

SCHEDULE 13D
 
1
NAMES OF REPORTING PERSONS
 
China Investment Corporation
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
(a) o
(b) þ
3
SEC USE ONLY
 
 
4
SOURCE OF FUNDS
 
WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 
o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
People's Republic of China
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
 
0
8
SHARED VOTING POWER
 
3,135,224*
9
SOLE DISPOSITIVE POWER
 
0
10
SHARED DISPOSITIVE POWER
 
3,135,224*
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
 
3,135,224*
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
7.9%*
14
TYPE OF REPORTING PERSON
 
CO
 
* By virtue of certain voting rights, the Reporting Person may be deemed to share beneficial ownership of these shares of Common Stock. See Item 5.
 
 
 
 
SCHEDULE 13D
 
1
NAMES OF REPORTING PERSONS
 
Stable Investment Corporation
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
(a) o
(b) þ
3
SEC USE ONLY
 
 
4
SOURCE OF FUNDS
 
WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 
o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
People’s Republic of China
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
 
0
8
SHARED VOTING POWER
 
3,135,224*
9
SOLE DISPOSITIVE POWER
 
0
10
SHARED DISPOSITIVE POWER
 
3,135,224*
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
 
3,135,224*
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
7.9%*
14
TYPE OF REPORTING PERSON
 
CO
 
* By virtue of certain voting rights, the Reporting Person may be deemed to share beneficial ownership of these shares of Common Stock. See Item 5.

 
 
 
 
SCHEDULE 13D
 
1
NAMES OF REPORTING PERSONS
 
Best Investment Corporation
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
(a) o
(b) þ
3
SEC USE ONLY
 
 
4
SOURCE OF FUNDS
 
WC
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 
o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
People’s Republic of China
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
 
0
8
SHARED VOTING POWER
 
3,135,224*
9
SOLE DISPOSITIVE POWER
 
0
10
SHARED DISPOSITIVE POWER
 
3,135,224*
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
 
3,135,224*
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
7.9%*
14
TYPE OF REPORTING PERSON
 
CO
 
* By virtue of certain voting rights, the Reporting Person may be deemed to share beneficial ownership of these shares of Common Stock. See Item 5.
 
 
 
 
Pursuant to Rule 13d-2 promulgated under the Act, this Schedule 13D/A (this “Amendment No. 3”) amends the Schedule 13D filed on November 19, 2010 (the “Original Schedule 13D”), amended on November 14, 2012 (“Amendment No. 1”) and December 21, 2012 (“Amendment No. 2” and, together with the Original Schedule 13D, Amendment No. 1 and Amendment No. 3, the “Schedule 13D”).  This Amendment No. 3 relates to the common stock, $0.01 par value per share (the “Common Stock”), of The Howard Hughes Corporation, a Delaware corporation (the “Company”).
 
Item 5. Interest in Securities of the Issuer

Item 5(a)-(c) of the Schedule 13D is hereby amended in its entirety as follows:
 
(a)-(b) As of the close of business on January 18, 2013, the Investment Vehicles directly held and beneficially owned the shares of Common Stock indicated on the following table.  Each of the Investment Vehicles shares voting and investment power as indicated in the paragraphs below the table.  All calculations of percentages of beneficial ownership in this Item 5 and elsewhere in this Schedule 13D are based on 39,498,912 shares of Common Stock outstanding, which includes the 37,973,640 shares of Common Stock reported as outstanding as of November 5, 2012 by the Company in its Form 10-Q filed with the Securities and Exchange Commission on November  9, 2012 plus the 1,525,272 shares of Common Stock issued to the Investment Vehicles pursuant to the terms of the Warrant Purchase Agreement as set forth in Item 4 in Amendment No. 1.
 
Investment Vehicle
Common Stock
Beneficial Ownership
BRH HHC
1,020,419
2.58%
BRH II
700,220
1.77%
BRH III
803,191
2.03%
BRH IV-A
92,865
0.24%
BRH IV-B (1)
185,354
0.47%
BRH IV-C (1)
62,099
0.16%
BRH IV-D
62,099
0.16%
BRH V
208,977
0.53%
Total:
3,135,224
7.9%
(1) The shares of Common Stock are held directly by Brookfield US Retail Holdings LLC. Pursuant to the BRH IV-B Agreement and BRH IV-C Agreement, as applicable, the applicable Investment Vehicle shares investment and voting power (but not with Brookfield US Retail Holdings LLC) over the shares of Common Stock held directly by Brookfield US Retail Holdings LLC.
 
The Reporting Person has no sole voting or investment power with respect to any shares of Common Stock.
 
By virtue of (i) the ability of Stable and Best under the Operating Agreement of BRH III to appoint and remove the members of the board of directors of BRH III and (ii) the ability of the board of directors of BRH III, which owns more than 14% of the aggregate ownership interests held by all Tier One Parallel Investment Vehicles, to direct BAM Canada on behalf of BRH III to veto any action requiring a hyper-majority vote under the Voting Agreement (including voting decisions and material dispositions of Common Stock by the Investment Vehicles), Stable and Best may be deemed to share beneficial ownership of the Common Stock held by each of the Investment Vehicles with the Other Filers (as defined below). By virtue of CIC being the parent of CIC International, which is the parent of both Stable and Best, CIC may be deemed to share beneficial ownership of the Common Stock held by each of the Investment Vehicles. Additionally, by virtue of the various agreements and arrangements described in this Schedule 13D, the Reporting Persons may be deemed to be members of a “group” with the Investment Vehicles and Brookfield Asset Management Inc., Partners Limited, Brookfield Holdings Canada Inc., Brookfield Asset Management Private Institutional Capital Adviser (Canada) LP, Brookfield Private Funds Holdings Inc., Brookfield US Holdings Inc., Brookfield US Corporation, and Future Fund Board of Guardians (collectively, the “Other Filers”) with respect to the shares of Common Stock held by the Investment Vehicles as well as any other shares of Common Stock beneficially owned by such Other Filers. None of the Investment Vehicles or the Other Filers is a Reporting Person on this Schedule 13D, and any obligations any of them may have under Section 13(d) of the Act would have to be satisfied on one or more separate filings. Each Reporting Person expressly disclaims, to the extent permitted by applicable law, beneficial ownership of the shares reported herein as well as any other shares of Common Stock beneficially owned by the Other Filers.
 
(c) None of the Reporting Persons, nor, to their knowledge, any of the Scheduled Persons, has effected any transaction in Common Stock since the filing of Amendment No. 2 other than the transactions set forth below:
 
Date
Investment Vehicle
Number of Shares Sold
Weighted Average Sale Price
12/20/121
BRH HHC
16,274
$75.0361
BRH II
11,167
$75.0361
BRH III
12,809
$75.0361
BRH IV-A
1,481
$75.0361
BRH IV-B (1)
2,956
$75.0361
BRH IV-C (1)
990
$75.0361
BRH IV-D
990
$75.0361
BRH V
3,333
$75.0361
12/21/122
BRH HHC
2,444
$73.0720
BRH II
1,677
$73.0720
BRH III
1,923
$73.0720
BRH IV-A
222
$73.0720
BRH IV-B (1)
444
$73.0720
BRH IV-C (1)
149
$73.0720
BRH IV-D
149
$73.0720
BRH V
500
$73.0720
12/24/123
BRH HHC
2,375
$72.7058
BRH II
1,630
$72.7058
BRH III
1,870
$72.7058
BRH IV-A
216
$72.7058
BRH IV-B (1)
432
$72.7058
BRH IV-C (1)
145
$72.7058
BRH IV-D
145
$72.7058
BRH V
487
$72.7058
12/31/124
BRH HHC
700
$72.9516
BRH II
480
$72.9516
BRH III
551
$72.9516
BRH IV-A
64
$72.9516
BRH IV-B (1)
127
$72.9516
BRH IV-C (1)
43
$72.9516
BRH IV-D
43
$72.9516
BRH V
143
$72.9516
12/31/125
BRH HHC
5,341
$73.3969
BRH II
3,666
$73.3969
BRH III
4,204
$73.3969
BRH IV-A
486
$73.3969
BRH IV-B (1)
970
$73.3969
BRH IV-C (1)
325
$73.3969
BRH IV-D
325
$73.3969
BRH V
1,094
$73.3969
1/2/136
BRH HHC
5,516
$74.1839
BRH II
3,786
$74.1839
BRH III
4,342
$74.1839
BRH IV-A
502
$74.1839
BRH IV-B (1)
1,002
$74.1839
BRH IV-C (1)
336
$74.1839
BRH IV-D
336
$74.1839
BRH V
1,130
$74.1839
1/3/137
BRH HHC
4,247
$74.2259
BRH II
2,913
$74.2259
BRH III
3,341
$74.2259
BRH IV-A
386
$74.2259
BRH IV-B (1)
771
$74.2259
BRH IV-C (1)
258
$74.2259
BRH IV-D
258
$74.2259
BRH V
869
$74.2259
1/4/138
BRH HHC
1,594
$73.9617
BRH II
1,095
$73.9617
BRH III
1,255
$73.9617
BRH IV-A
145
$73.9617
BRH IV-B (1)
290
$73.9617
BRH IV-C (1)
97
$73.9617
BRH IV-D
97
$73.9617
BRH V
326
$73.9617
1/4/139
BRH HHC
2,543
$75.0935
BRH II
1,745
$75.0935
BRH III
2,002
$75.0935
BRH IV-A
232
$75.0935
BRH IV-B (1)
462
$75.0935
BRH IV-C (1)
155
$75.0935
BRH IV-D
155
$75.0935
BRH V
521
$75.0935
1/7/1310
BRH HHC
8,236
$74.037
BRH II
5,650
$74.037
BRH III
6,481
$74.037
BRH IV-A
749
$74.037
BRH IV-B (1)
1,496
$74.037
BRH IV-C (1)
501
$74.037
BRH IV-D
501
$74.037
BRH V
1,686
$74.037
1/8/1311
BRH HHC
6,746
$74.0747
BRH II
4,628
$74.0747
BRH III
5,309
$74.0747
BRH IV-A
614
$74.0747
BRH IV-B (1)
1,225
$74.0747
BRH IV-C (1)
410
$74.0747
BRH IV-D
410
$74.0747
BRH V
1,381
$74.0747
1/9/1312
BRH HHC
5,770
$74.0194
BRH II
3,959
$74.0194
BRH III
4,541
$74.0194
BRH IV-A
525
$74.0194
BRH IV-B (1)
1,048
$74.0194
BRH IV-C (1)
351
$74.0194
BRH IV-D
351
$74.0194
BRH V
1,181
$74.0194
1/10/1313
BRH HHC
7,556
$73.8106
BRH II
5,185
$73.8106
BRH III
5,947
$73.8106
BRH IV-A
688
$73.8106
BRH IV-B (1)
1,372
$73.8106
BRH IV-C (1)
460
$73.8106
BRH IV-D
460
$73.8106
BRH V
1,547
$73.8106
1/11/1314
BRH HHC
431
$73.6513
BRH II
295
$73.6513
BRH III
339
$73.6513
BRH IV-A
39
$73.6513
BRH IV-B (1)
78
$73.6513
BRH IV-C (1)
26
$73.6513
BRH IV-D
26
$73.6513
BRH V
88
$73.6513
1/14/1315
BRH HHC
6,051
$71.4398
BRH II
4,152
$71.4398
BRH III
4,763
$71.4398
BRH IV-A
551
$71.4398
BRH IV-B (1)
1,099
$71.4398
BRH IV-C (1)
368
$71.4398
BRH IV-D
368
$71.4398
BRH V
1,239
$71.4398
1/15/1316
BRH HHC
23,703
$71.374
BRH II
16,265
$71.374
BRH III
18,657
$71.374
BRH IV-A
2,157
$71.374
BRH IV-B (1)
4,305
$71.374
BRH IV-C (1)
1,442
$71.374
BRH IV-D
1,442
$71.374
BRH V
4,854
$71.374
1/16/1317
BRH HHC
9,980
$71.4057
BRH II
6,847
$71.4057
BRH III
7,854
$71.4057
BRH IV-A
908
$71.4057
BRH IV-B (1)
1,812
$71.4057
BRH IV-C (1)
607
$71.4057
BRH IV-D
607
$71.4057
BRH V
2,043
$71.4057
1/17/1318
BRH HHC
16,274
$71.9349
BRH II
11,167
$71.9349
BRH III
12,809
$71.9349
BRH IV-A
1,481
$71.9349
BRH IV-B (1)
2,956
$71.9349
BRH IV-C (1)
990
$71.9349
BRH IV-D
990
$71.9349
BRH V
3,333
$71.9349
1/18/1319
BRH HHC
8,138
$71.8514
BRH II
5,583
$71.8514
BRH III
6,405
$71.8514
BRH IV-A
740
$71.8514
BRH IV-B (1)
1,478
$71.8514
BRH IV-C (1)
495
$71.8514
BRH IV-D
495
$71.8514
BRH V
1,666
$71.8514
(1) The shares of Common Stock are held directly by Brookfield US Retail Holdings LLC. Pursuant to the BRH IV-B Agreement and BRH IV-C Agreement, as applicable, the applicable Investment Vehicle shares investment and voting power (but not with Brookfield US Retail Holdings LLC) over the shares of Common Stock held directly by Brookfield US Retail Holdings LLC.
________________________________
 
2 On this date, shares were sold at a range of $73.00 to $73.45 per share.  The Reporting Persons shall undertake to provide upon request by the staff full information regarding the number of shares purchased or sold at each separate price.
 
3 On this date, shares were sold at a range of $72.50 to $72.81 per share.  The Reporting Persons shall undertake to provide upon request by the staff full information regarding the number of shares purchased or sold at each separate price.
 
4 On this date, shares at the indicated weighted average sales price were sold at a range of $72.86 to $72.99 per share.  The Reporting Persons shall undertake to provide upon request by the staff full information regarding the number of shares purchased or sold at each separate price.
 
5 On this date, shares at the indicated weighted average sales price were sold at a range of $73.00 to $73.99 per share.  The Reporting Persons shall undertake to provide upon request by the staff full information regarding the number of shares purchased or sold at each separate price.
 
6 On this date, shares were sold at a range of $73.72 to $74.61 per share.  The Reporting Persons shall undertake to provide upon request by the staff full information regarding the number of shares purchased or sold at each separate price.
 
7 On this date, shares were sold at a range of $74.00 to $74.67 per share.  The Reporting Persons shall undertake to provide upon request by the staff full information regarding the number of shares purchased or sold at each separate price.
 
8 On this date, shares at the indicated weighted average sales price were sold at a range of $73.58 to $74.50 per share.  The Reporting Persons shall undertake to provide upon request by the staff full information regarding the number of shares purchased or sold at each separate price.
 
9 On this date, shares at the indicated weighted average sales price were sold at a range of $74.58 to $75.48 per share.  The Reporting Persons shall undertake to provide upon request by the staff full information regarding the number of shares purchased or sold at each separate price.
 
10 On this date, shares were sold at a range of $74.00 to $74.56 per share.  The Reporting Persons shall undertake to provide upon request by the staff full information regarding the number of shares purchased or sold at each separate price.
 
11 On this date, shares were sold at a range of $73.97 to $74.45 per share.  The Reporting Persons shall undertake to provide upon request by the staff full information regarding the number of shares purchased or sold at each separate price.
 
12 On this date, shares were sold at a range of $73.75 to $74.30 per share.  The Reporting Persons shall undertake to provide upon request by the staff full information regarding the number of shares purchased or sold at each separate price.
 
13 On this date, shares were sold at a range of $73.55 to $74.44 per share.  The Reporting Persons shall undertake to provide upon request by the staff full information regarding the number of shares purchased or sold at each separate price.
 
14 On this date, shares were sold at a range of $73.61 to $73.67 per share.  The Reporting Persons shall undertake to provide upon request by the staff full information regarding the number of shares purchased or sold at each separate price.
 
15 On this date, shares were sold at a range of $71.25 to $71.75 per share.  The Reporting Persons shall undertake to provide upon request by the staff full information regarding the number of shares purchased or sold at each separate price.
 
16 On this date, shares were sold at a range of $71.25 to $71.92 per share.  The Reporting Persons shall undertake to provide upon request by the staff full information regarding the number of shares purchased or sold at each separate price.
 
17 On this date, shares were sold at a range of $71.25 to $71.85 per share.  The Reporting Persons shall undertake to provide upon request by the staff full information regarding the number of shares purchased or sold at each separate price.
 
18 On this date, shares were sold at a range of $71.50 to $72.47 per share.  The Reporting Persons shall undertake to provide upon request by the staff full information regarding the number of shares purchased or sold at each separate price.
 
19 On this date, shares were sold at a range of $71.59 to $72.29 per share.  The Reporting Persons shall undertake to provide upon request by the staff full information regarding the number of shares purchased or sold at each separate price.
 
 
 
 
 
SIGNATURES
 
After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.
 
Dated: January 23, 2013
CHINA INVESTMENT CORPORATION
  
       
       
 
By:
 /s/ Lou Jiwei  
   
Name: Lou Jiwei
  
   
Title: Chairman and Chief Executive Officer
  
       
 
Dated: January 23, 2013
STABLE INVESTMENT CORPORATION
  
       
       
 
By:
 /s/ Li Keping  
   
Name: Li Keping
  
   
Title: Executive Director
  
       
 
Dated: January 23, 2013
BEST INVESTMENT CORPORATION
  
       
       
 
By:
 /s/ Li Keping  
   
Name: Li Keping
  
   
Title: Executive Director