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.

Shares of China’s second-largest property developer, Vanke, dropped 7.8 percent Friday amid uncertainty over the whereabouts of the company's CEO, Zhu Jiusheng. Jiusheng was reportedly detained Thursday night,

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,

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.

Rumor has it that Zhu Jiusheng, CHINA VANKE (02202.HK) president, CEO, and chief partner of the long-term rental apartment division, was taken away by public security authorities on the 15th. Zhu updated his WeChat Moments in the early hours of the 17th and shared promotions related to the company's long-term rental apartment brand "Port Apartment",

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

Vanke’s shares fell 3.29 per cent to HK$4.70 on Friday following media reports on Thursday evening that its president and CEO, Zhu Jiusheng, had been detained by police. The company’s mainland-listed shares dropped by 3.63 per cent to 6.63 yuan. Shenzhen Metro Group, operator of the city’s rail transit network, is Vanke’s largest shareholder.

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.