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,

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,