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.

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.

China's property sector is in turmoil as China Vanke's CEO, Zhu Jiusheng, has been detained. This has sparked fears of a government takeover, sending the company's shares plummeting. The incident is part of wider concerns about debt in China's real estate market,