The filing added that the unit faces liquidity pressure and will take steps to quicken asset sales while insisting that the unit had not suffered any public-market debt default. Meanwhile, Shanghai Shimao Investment Management on Wednesday pledged 265 million shares, or a 7.06% stake in Shanghai Shimao with Ningbo Commerce Bank on Wednesday to fund its operations, according to an exchange filing. Shanghai Shimao Investment Management and two other companies controlled by founder Hui Wing Mau have pledged a combined 560 million shares of Shanghai Shimao, or a 14.93% stake in the company, as of Thursday.