"Lunar Embassy", a Chinese company allegedly sells land on the moon, will appeal for reconsideration of the decision of Beijing's industrial and commercial watchdog to revoke its business license, a source with the company said.

The company has been got ready for appealing for the reconsideration after it received the decision of the Chaoyang Branch of the Beijing Municipal Administration of Industry and Commerce on Dec. 21, said Li Jie, CEO of the "Lunar Embassy", adding the company will hand over its application to concerned department on Monday.

A public hearing was held on Dec. 6 and the Chaoyang Branch decided to revoke the business license of the "Lunar Embassy" and fine the company for 50,000 yuan (about 6,170 US dollars).

Sources with the Beijing Municipal Administration of Industry and Commerce said the decision was made on the ground that the "Lunar Embassy" is engaged in speculation and profiteering to sell land on the moon. The administration also ordered the company to return the money to registered clients.

"The decision is wrong as the relevant regulations on speculation and profiteering have died a natural death, Li Jie was quoted as saying by Monday's Beijing Daily Messenger.

But industrial and commercial officials said that the concerned regulations are still effective before they are officially abolished.

The "Lunar Embassy", registered as the Beijing Lunar Village Aeronautics Science and Technology Co. Ltd., had previously filed a lawsuit against Beijing's industrial and commercial watchdog after its business license was suspended for allegedly selling land on the moon.

Haidian District Court has accepted the lawsuit but did not inform the "Lunar Embassy" when the case would be heard, Li said.

The industrial and commercial watchdog had the company's business license suspended on Oct. 28 on the ground of speculation and profiteering.

Li's company was registered on Sept. 5 and became operational on Oct. 19. It claimed that one can buy an acre on the moon for 298 yuan (37 US dollars) through its service. It issued customers a "title deed" that ensured property ownership including the rights to use the land and minerals up to three kilometers underground.

An earlier report said that 34 clients bought 49 acres of land on the moon in the first three days after the company started operation. The deals involve more than 14,000 yuan (1,700 US dollars).

Source: Xinhua