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.

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.

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.