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,

HONG KONG -- Property developer China Vanke's shares fell sharply in Hong Kong and Shenzhen on Friday, as speculation swirled over the status of its President and CEO Zhu Jiusheng.

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,

The Hong Kong-listed shares of property developer China Vanke were set to fall 8.4% on Friday after state media reported that Chief Executive Zhu Jiusheng was detained by Chinese public security authorities this week.

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.

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.