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,

Vanke's financial woes became public early last year after the firm sought to extend the maturity of its debt as its monthly sales plunged below break-even levels. It was ranked N

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.

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.