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 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.