In 2024 Forbes Global 2000, Greenland Holdings, parent of Greenland USA, continues drop, to #891 from #831. It was once #307. Annual loss: $1.6B.

Shanghai-based Greenland Holdings, parent of Atlantic Yards/Pacific Park developer (for now) Greenland USA, has continued its slide in the annual Forbes Global 2000 lists, this year ranked at #891, after once peaking at #307. Last year, it was at #831 (or #832).

It was the first annual loss for the company, at least since Forbes started compiling records in 2017.

Forbes ranks the world's largest companies in the world using four metrics: sales, profits, assets and market value. The better known Fortune Global 500 ranking, which should be released in August, relies solely on revenue in the past fiscal year.

The bottom line is this is a company not with deep pockets, as it was billed coming into the project in 2014, but rather suffering financially. No wonder its U.S. subsidiary, after seeing progress with its Brooklyn project stall, faces a foreclosure auction of the rights to six railyard development sites.

Losing money

From Forbes

The Greenland ranking indicates that, in the most recent year measured, revenue was $45.5 billion and assets $165.6 billion, with an annual loss of $1.6 billion.

Last year, as I reported, Forbes cited $63.3 billion in revenue, with assets of $190.4 billion, and miniscule profits of $299.4 million.

In 2022, it reported $2.2 billion in profits. Since 2017, profits had exceeded $1.2 billion.

Greenland's employee count dropped to 59,970, another steady decline, In 2021, the number of employee exceeded 86,000.

Its stock price has also plunged, which means Greenland's market value--the sum of its stock--is now $4.2 billion. That's one half--or one-third, depending on when you look--of the market cap in 2021-22.

From Forbes

An idiosyncratic note

Note that I reported, with a screenshot, that Forbes ranked Greenland at #831.

At some point, however, Forbes must have redone the rankings, since an archived version of their page shows Greenland ranked at #832.