(Yicai Global) Jan. 20 -- China's Sinovac Biotech, one of the largest global suppliers of Covid-19 vaccines, has denied speculation about its alleged property development sector entry.

The real estate company that Sinovac established is mainly engaged in employees’ house leasing and external experts' short-term accommodation, 21st Century Business Herald reported today, citing the Beijing-based firm's spokesperson Liu Peicheng.

Sinovac founded a real estate company with CNY770 million (USD121.4 million) registered capital last October, according to public information. The move had set forth online rumors about the medical company's property business entry.

Sinovac became profitable during the Covid-19 pandemic. In the first half of 2021, the vaccine maker posted a net profit of USD5.1 billion after reporting a net loss of USD12.6 million during the same period a year ago. Revenue skyrocketed to USD11 billion from USD67.7 million.

The pharma firm has provided over 2.5 billion doses of its inactivated vaccine CoronaVac around the world as of late December, Chairman Yin Weidong said earlier.

Editor: Emmi Laine, Xiao Yi