In latest Forbes Global 2000, Greenland Holdings, parent of Atlantic Yards developer, downgraded to 831, from 415. That does not suggest deep pockets.

The 2023 Forbes Global 2000 is out, ranking companies on four metrics: sales, profits, assets and market value. (The better known Fortune Global 500 only looks at revenue.)

It's not looking good for Greenland Holdings Group (aka Greenland Holdings Corp.), the Shanghai-based parent of Greenland USA, the Atlantic Yards/Pacific Park master developer.

Forbes has downgraded Greenland to 831 on the list, a precipitous drop from the 2022 rank of 415.

That itself was the reversal of a trend, since Greenland had reached 307 in 2020, then dropped to 372 in 2021.

Notably, revenue has fallen some 25%, from $84.5 billion to $63.3 billion; assets have diminished from $215.8 billion to to $190.4 billion, perhaps due to sell-offs; and profits, already rather slim at $2.2 billion last year, are almost minuscule, cut to $299.4 million.

No wonder the stock price is down, as is its credit rating.

Market cap declines, too

Also of note: though it's not in the screenshot above, Forbes' ranking separately cites a market value (cumulative valuation of shares) of $6.18 billion, down 34.2% from last year's market cap of $9.4 billion.

Bottom line is that this does not seem like a company with deep pockets, which means they're (likely) less willing to make potentially risky investments to complete Atlantic Yards/Pacific Park, and (likely) more willing to pursue renegotiations to avoid such things as fines for missing affordable housing.