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,

Investors moved on from the headline number to focus on the durability of the recovery amid a lack of more clarity on stimulus policies.

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