By David Winning
SYDNEY--Property developer Stockland (SGP.AU) said Thursday that
it has hired Mark Steinert from UBS AG (UBS) as its new managing
director and chief executive, as it fights falling profits amid one
of the worst new housing markets in years.
Mr. Steinert, who was one of UBS's top executives in its asset
management division, will join Stockland in mid-January and will
replace Matthew Quinn who is stepping down after 12 years leading
the 7.4 billion Australian dollar (US$7.75 billion) company.
Stockland is one of Australia's largest property developers with
exposure to the residential, retirement and commercial sectors.
Last month, Stockland warned its earnings per share in the year
through June 2013 could be as much as 15% below last year without
an improvement in Victoria state where government incentives for
new home buyers ended on June 30.
Victoria is a key market for Stockland as selling new homes
there is often more profitable than in neighboring New South Wales
state. However, the company said last month that sales volumes in
Victoria have halved since the start of July and it needs to offer
big discounts to tempt buyers.
-Write to David Winning at david.winning@wsj.com
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