Chinese officials are taking steps to stabilize operations at China Vanke Co. after deepening liquidity stress and questions surrounding the whereabouts of its top executive triggered turmoil for its bonds and shares last week,

Rating agencies Fitch and S&P Global downgraded property developer China Vanke on Monday, as the company sinks further into a liquidity crunch within a struggling property sector in China.

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 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 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 -- Property developer China Vanke's shares fell sharply in Hong Kong and Shenzhen on Friday, as speculation swirled over the status of its President and CEO Zhu Jiusheng.

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.