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Atlantic Yards/Pacific Park graphic: what's built/what's coming + FAQ (pinned post)

Greenland, issuing short-term bonds, said to be among developers facing risks. Its rating = "junk."

Greenland Holding Group, the parent company of Greenland USA (which owns most of Atlantic Yards/Pacific Park going forward), is under some financial stress, not unlike other China-based developers. Perhaps that's why they were willing to sell three building sites in Pacific Park.

What does it mean beyond that? Well, we do know that Greenland has been pulling back from other U.S. projects, lowering its risk, and we do know that Greenland no longer has the deep pockets it once had.

"Greenland is the most aggressive of Chinese property developers," the Wall Street Journal reported in August 2014, adding that "Greenland can move quickly partly because of its strong balance sheet." That seems to have changed. So Greenland's overall moves should be seen against the backdrop of a weaker balance sheet.

Short-term debt, high interest rates

From Bloomberg, 11/19/18, Short-Dated Bond Spree by China Builders Flashes ‘Systemic Risk’:
China’s property developers are rushing to sell short-term dollar bonds ahead of record debt maturities next year, a move that analysts say would add to more refinancing pressure down the road.
Three issuers came to the market on Monday alone....Greenland Holding Group Company Ltd. is taking bids for 1.5-year notes at low 9 percent area...
Chinese developers have been caught in a tightening funding squeeze due to a deleveraging push by policy makers over the past two years. To make things worse, the sector is facing a record $62 billion of bonds due in both onshore and offshore markets in 2019, according to Bloomberg-compiled data. In this backdrop developers have had to offer higher premiums to investors even to sell shorter maturity dollar bonds.
That 9% for Greenland seems a high interest rate, but it's actually lower than one rival mentioned. So it's possible that other companies will face even more difficulty down the road. But all face government quotas regarding such bonds, and market conditions look tighter in 2019, according to Bloomberg.

Greenland's rating = junk

In September 2018, the rating's agency Moody's affirmed Greenland at a Corporate Family Rating (CFR) of Ba1, nudging up the outlook to stable from negative.

Note that Ba1 is the highest rung among non-prime (aka "junk") securities. Securities in that category have "speculative elements" and are "subject to substantial credit risk."

Greenland's overall issuer rating in May 2016 was downgraded by Moody's to Ba1 from Baa3, the lowest possible investment-grade rating. It got the latter rating in October 2013.

Greenland got its first CFR from Moody's in May 2016, when it was assigned Ba1. Other individual issues had lower ratings.