REAL ESTATE

Century 21 Parent Starts Job Cuts: As expected, the new owner of Century 21 Real Estate Corp. has initiated sweeping layoffs and reorganized management at the giant real estate brokerage as it prepares to move the Orange County firm to New Jersey. Hospitality Franchise Systems Inc., which bought the residential real estate brokerage firm for $200 million earlier this year, has in the last two months begun to let go half of the company’s 800 workers nationwide and to carry out plans to reduce national Century 21 divisions from seven to four. HFS is closing offices in Walnut Creek, Chicago and Dallas, said Henry Silverman, HFS chief executive. The cuts will save $35 million, Silverman said.