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.

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.

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.

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,

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 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.

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.