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.

Zhu Jiusheng, the CEO of China Vanke, was taken into custody by public security authorities on Wednesday, according to a report from state media outlet The Economic Observer. The unexpected development has intensified scrutiny of the real estate giant's financial stability amid a prolonged slump in China's property market.

China Vanke CEO Zhu Jiusheng was detained by public security authorities on Wednesday and a Shenzhen government task force has stepped in to oversee the property developer's operation, state media The Economic Observer reported on Thursday.