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(Bloomberg) -- 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, according to people familiar with the matter.

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Officials of Shenzhen, the southern metropolis where Vanke is based, held a closed-door meeting to discuss Vanke on Friday, said the people, asking not to be identified discussing a private matter. Vanke’s largest shareholder is a state firm controlled by the city, giving the local government tremendous sway over the developer.

The Shenzhen government said during the meeting it plans to ensure that Vanke’s operations remain stable, the people added. The officials also plan to bring in new auditors and financial advisors to assess Vanke’s balance sheet and property projects to pave the way for next steps, according to the people.

The discussions are preliminary and could be subject to change, the people said. Beijing has yet to signal its stance toward the developer. It’s also unclear what the government’s increased involvement means for the firm’s debt payments.

Trading in three of Vanke’s yuan bonds was halted Monday afternoon after prices surged 20% or more following Bloomberg’s report on the discussions. They include the 3.45% yuan bond due October 2027, the 3.64% yuan bond due March 2027, and the 3.21% yuan bond due July 2027. The company’s dollar notes also rose.

Financial regulators and the local government of Shenzhen have played a role in coordinating financing extensions for Vanke in the past. A household name in China, Vanke had long been seen as insulated from a protracted property crisis because of its government links.

The company has been in the spotlight since the start of the year. It’s facing a wall of debt repayments just as its home sales tank and losses widen amid the unprecedented slowdown in the real estate market.

Investors were whipsawed late Thursday over questions on the whereabouts of Vanke’s chief executive officer. A local media outlet Economic Observer reported that the top executive Zhu Jiusheng had been taken away by police, and the Shenzhen government sent a working group to intervene in Vanke as the developer may face takeover. A few hours later another publication said Zhu was reached and the Observer’s stories were removed on Friday.