FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * SHEPSMAN STEVEN H   2. Issuer Name and Ticker or Trading Symbol Howard Hughes Corp [HHC] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) ONE GALLERIA TOWER, 13355 NOEL ROAD, SUITE 950 3. Date of Earliest Transaction (Month/Day/Year) 08/15/2011 (Street) DALLAS, TX 75240 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common stock, par value $0.01 per share 08/15/2011   P   500 A $ 53.49 3,574 I See Footnote (1) Common stock, par value $0.01 per share 08/15/2011   P   500 A $ 53.49 4,074 I See Footnote (1) Common stock, par value $0.01 per share 08/15/2011   P   500 A $ 53.56 4,574 I See Footnote (1) Common stock, par value $0.01 per share 08/15/2011   P   500 A $ 53.91 5,074 I See Footnote (1) Common stock, par value $0.01 per share 08/15/2011   P   500 A $ 53.9 5,574 I See Footnote (1) Common stock, par value $0.01 per share 08/15/2011   P   500 A $ 53.91 6,074 I See Footnote (1)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
SHEPSMAN STEVEN H ONE GALLERIA TOWER 13355 NOEL ROAD, SUITE 950 DALLAS, TX 75240	X

Signatures

Timothy F. Hubach, Attorney-in-fact for Steven H. Shepsman		08/16/2011
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Reflects shares of common stock of The Howard Hughes Corporation purchased by Sam De Realty II, L.P. ("Sam De Realty"). By virture of his position as general partner of Sam De Realty, Steven H. Shepsman may be deemed to be the beneficial owner of securities listed in Table I. Sam De Realty holds securities for the benefit of Mr. Shepsman and his immediate family.

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