An explosion has struck a Hong Kong-flagged container ship traveling north through the Red Sea, sparking a major fire that forced its crew to abandon the vessel.

The crew of the Hong Kong-flagged container ship ASL Bauhinia have left the vessel following a fire, according a Tuesday report by Reuters. The cause of the fire, which occurred Tuesday, remains unclear.

Property developer China Vanke's Hong Kong shares firmed on Tuesday following a change of top management that reinforced government support for the company to contain its liquidity risks. State-backed China Vanke said on Monday that Chairman Yu Liang and CEO Zhu Jiusheng have stepped down,

Support for Vanke could see banks extend loans, reduce discounts on asset sales and boost homebuyers’ confidence, CGS’ Raymond Cheng says.