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

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.

Concern over China's embattled property sector has deepened after state media reported the detention of China Vanke's chief executive and said authorities are overseeing operations, sending the developer's shares plummeting on Friday.

The top executive of China Vanke Co., one of the country’s largest property firms, was taken away by police, the Economic Observer reported, citing unidentified sources.