Del Webb Reduces Debt With Land Sales in Texas and South Carolina

PHOENIX-In an effort to cut debt and improve profits, Del Webb Corp. plans to sell land at several of its retirement communities across the country and will enter into joint ventures with other homebuilders.

Phoenix-based Del Webb said it is selling land in its Sun City Texas and Sun City Hilton Head properties, both of which are age-restricted, master planned communities. Sun City Texas is in Georgetown, TX about 28 miles north of Austin. Sun City Hilton Head is about 13 miles from Hilton Head Island. The land holdings will be reduced through sales to other residential and commercial developers, the company says.

The company disclosed the information during New York conference calls to analysts.