Evergrande"s offshore bonds have dropped to less than a quarter of their face value. Onshore bond trading paused. and the share price fell This has caused the market capitalization to drop by more than three-quarters this year. “Telling the real estate industry to take off their leverage quickly is like telling a 900-pound person to lose weight to under 100 pounds, not the obesity that kills him. It"s a very (very fast) weight loss process," said one bond asset manager. He declined to be identified as he was sensitive to the issue.