The Hong Kong-listed shares of property developer China Vanke plunged more than 8% on Friday after state media reported that authorities had detained its chief executive. A Shenzhen government task force has stepped in to oversee operations at the state-backed developer,

The head of one of China's biggest property firms has been "taken away" by police, state-backed media reported Thursday, as a prolonged housing slump continues to hit the world's second-largest economy.

Shares in developer China Vanke fell and rumours swirled about its CEO’s whereabouts on Friday, as the company’s debts led analysts to discuss a government rescue of the country’s largest builder by revenue.

The future of developer China Vanke and its $45 billion in debt were in focus on Friday after media reports alleged its CEO had been temporarily detained, deepening concerns about China's embattled property sector.