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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. 3)*

Brookfield Properties Corporation
(Name of Issuer)
Common Shares, no par value
(Title of Class of Securities)
112900 10 5
(CUSIP Number)
December 31, 2007
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

     o Rule 13d-1(b)

     o Rule 13d-1(c)

     þ Rule 13d-1(d)

* 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 the disclosures provided in a prior cover page.

The information required in 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).

 
 

 

                     
CUSIP No.
  
112900 10 5 
   Page  
2 
   of   
6 

 

           
1   NAMES OF REPORTING PERSONS
Brookfield Asset Management Inc.
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a)   o
  (b)   þ
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Ontario, Canada
       
  5   SOLE VOTING POWER
     
NUMBER OF   194,485,529
       
SHARES 6   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   0
       
EACH 7   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   194,485,529
       
WITH: 8   SHARED DISPOSITIVE POWER
     
    0
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  194,485,529
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  49.5%
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  CO

 

                     
CUSIP No.
  
112900 10 5 
   Page  
3 
   of   
6 

 

           
1   NAMES OF REPORTING PERSONS
Partners Limited
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a)   o
  (b)   þ
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Ontario, Canada
       
  5   SOLE VOTING POWER
     
NUMBER OF  
       
SHARES 6   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   194,485,529
       
EACH 7   SOLE DISPOSITIVE POWER
REPORTING    
PERSON  
       
WITH: 8   SHARED DISPOSITIVE POWER
     
    194,485,529
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  194,485,529
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  49.5%
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  CO

 

                     
CUSIP No.
  
112900 10 5 
 13G  Page  
4 
   of   
6 
     
Item 1(a).
  Name of Issuer
 
    
 
  Brookfield Properties Corporation
 
    
Item 1(b).
  Address of Issuer’s Principal Executive Offices
 
    
 
  Three World Financial Center
 
  200 Vesey Street, 11th floor
 
  New York, New York
 
  10281 
 
    
Item 2(a).
  Name of Persons Filing
 
    
 
  Brookfield Asset Management Inc. (“Brookfield Asset Management”)
 
    
 
  Partners Limited (“Partners”)
 
    
Item 2(b).
  Address of Principal Business Office or, if none, Residence
 
    
 
  181 Bay Street, Suite 300, P.O. Box 762
 
  Brookfield Place
 
  Toronto, Ontario
 
  M5J 2T3 
 
    
Item 2(c).
  Citizenship
 
    
 
  See item 4 of cover pages
 
    
Item 2(d).
  Title of Class of Securities
 
    
 
  Common Shares, no par value
 
    
Item 2(e).
  CUSIP Number
 
    
 
  Common Shares: 112900 10 5 
 
    
Item 3.
  Not applicable
         
Item 4.   Ownership
 
        
 
  (a)   Amount Beneficially Owned:
 
        
 
      See item 9 of cover pages. Brookfield Asset Management beneficially owns the Common Shares directly, partly through wholly owned subsidiaries. Brookfield Asset Management’s principal shareholder is Partners, which beneficially owns the Common Shares indirectly through Brookfield Asset Management.

 

 

                     
CUSIP No.
  
112900 10 5 
 13G  Page  
5 
   of   
6 
             
    (b)   Percent of Class:
 
            
        See item 11 of cover pages
 
            
    (c)   Number of shares as to which such person has:
 
            
 
      (i)   sole power to vote or to direct the vote:
 
            
 
          See item 5 of cover pages
 
            
 
      (ii)   shared power to vote or to direct the vote:
 
            
 
          See item 6 of cover pages
 
            
 
      (iii)   sole power to dispose or to direct the disposition of:
 
            
 
          See item 7 of cover pages
 
            
 
      (iv)   shared power to dispose or to direct the disposition of:
 
            
 
          See item 8 of cover pages
     
Item 5.
  Ownership of Five Percent or Less of a Class
 
    
 
  Not applicable
 
    
Item 6.
  Ownership of More than Five Percent on Behalf of Another Person
 
    
 
  Not applicable
 
    
Item 7.
  Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company
 
    
 
  Not applicable
 
    
Item 8.
  Identification and Classification of Members of the Group
 
    
 
  Not applicable
 
    
Item 9.
  Notice of Dissolution of Group
 
    
 
  Not applicable

 

 

                     
CUSIP No.
  
112900 10 5 
 13G  Page  
6 
   of   
6 
     
Item 10.
  Certifications
 
    
 
  Not applicable
SIGNATURE
     After reasonable inquiry and to the best of my knowledge and belief, we certify that the information set forth in this statement is true, complete and correct as of February 14, 2008.
         
  BROOKFIELD ASSET MANAGEMENT INC.
 		  
  By:   /s/ Alan V. Dean    
    Name:   Alan V. Dean   
    Title:   Senior Vice President,
Corporate Affairs and Secretary 		  
 
  PARTNERS LIMITED
 		  
  By:   /s/ Loretta M. Corso.    
    Name:   Loretta M. Corso   
    Title:   Corporate Secretary