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.

Vanke’s shares fell 3.29 per cent to HK$4.70 on Friday following media reports on Thursday evening that its president and CEO, Zhu Jiusheng, had been detained by police. The company’s mainland-listed shares dropped by 3.63 per cent to 6.63 yuan. Shenzhen Metro Group, operator of the city’s rail transit network, is Vanke’s largest shareholder.

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,

Shenzhen's relevant task force has fully stepped in issues of CHINA VANKE (02202.HK)(000002.SZ), and the company may face a takeover and reorganization, The Economic Observer reported. CHINA VANKE President and CEO Zhu Jiusheng was taken away by the public security authorities,

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,

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.