In Fortune Global 500, Greenland Holdings, parent of struggling Atlantic Yards developer, plunges to #480, from #291 last year and its peak of #125 in 2022.

Fortune magazine recently released its 2025 Global 500 list, with Greenland Holding Group, the Shanghai-based parent of (for now) main Atlantic Yards/Pacific Park developer Greenland USA, plunging further than before, to #480, from #291 in 2024 and #205 in 2023.

(Greenland USA has since November 2023 been facing foreclosure of its collateral, rights to six towers over the MTA's Vanderbilt Yard, but somehow will remain a junior partner. It also is slated to be a junior partner in the project planned for Site 5, catercorner to the arena.)

That strongly reverses an ascent, in which Greenland had in 2022 reached #125, part of a steady rise. Greenland had closer to its stated (in 2014) ambition to reach the top 100 by 2020. Next year, if the current trend continues, Greenland might exit the Global 500.

Screenshot from Fortune, annotated

Like many property developers in China, Greenland overextended itself, piling on debt, and seeing its credit rating plummet.

Dropping revenue, new losses

The well-known Fortune Global 500 ranking relies solely on revenue in the past fiscal year. Greenland had $33.5 billion in revenue, a sharp drop from $50.9 billion, $64.8 billion in revenue, and $84.5 billion in previous years.

Though not part of the ranking, it's worth noting that Greenland's profits, which in 2023 were minuscule, in 2024 went slightly into the red, and in the most recent rating year a bit more so, with losses of $2.16 billion, a negative 6.5% return on revenues.

Greenland's employee count continued to drop, to 50,408 from 59,970, with previous years 70,177 and 79,999.

Screenshot from Fortune

Fortune also reported $150.7 billion in assets, compared to $168.2 billion and nearly $198 billion in previous years. 

One semi-bright spot: the $4.49 billion in market value, as of July 15, was up significantly from last year's $2.73 billion, despite a relatively modest uptick in the stock price. 

Part of that may also be due to the strengthening yuan, which is up modestly.

Stock bobs back

While in my 2023 report, I cited a current stock price of ¥3.07 and in 2024 it was ¥1.42, today it's ¥1.90, as shown in the Google Finance screenshot below. The trendline over the past five years overall, though, remains ominous. 

Screenshot: Google Finance

So that 25.3% increase,, plus the exchange rate, as well as the July 15 calculation (rather than today) are all factors in the significant increase in market value, but I may be missing something.

By comparison: Forbes

The lesser-known Forbes Global 2000 this year downgraded Greenland to #931, after previous rankings of #891, #831. and #415.

It bases its assessment not merely on revenues, but on four broad metrics: a composite score assessing sales (revenue), profits, assets, and market value.