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 (Reuters) -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.

China Vanke Co.’s top executive was taken away by police and the Chinese property giant may be assumed by state authorities, the Economic Observer reported, citing unidentified sources.Most Read from BloombergThese Homes Withstood the LA Fires.

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.

Zhu Jiusheng, CEO of Vanke, was "taken away by public security authorities", the Economic Observer reported, citing sources.

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 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.