China Vanke's CEO Detention Sparks Share Plunge

Shares of China Vanke plummeted following news that its CEO, Zhu Jiusheng, was detained by Chinese authorities. With state media reporting the incident, a Shenzhen government task force has stepped in to manage the company's operations. Vanke's shares hit their lowest since late September at HK$4.45.

Shares of property developer China Vanke were expected to fall 8.4% on Friday, following reports that its Chief Executive, Zhu Jiusheng, was detained by Chinese public security authorities.

The Economic Observer revealed on Thursday that Zhu's detention prompted a Shenzhen government task force to take charge of the company's operations. Vanke did not immediately comment on the situation.

On the Hong Kong Stock Exchange, Vanke shares were poised to open at HK$4.45, marking their lowest point since late September.

(With inputs from agencies.)