BEIJING, Dec. 7 (Xinhuanet) -- "Lunar Embassy to China," a Chinese company selling land on the moon, has vowed to sue even at the supreme court for the right to do so, challenging Beijing's commercial watchdog's insistence that the practice is illegal.

    The hearing on Tuesday was held in Beijing at the request of a company calling itself "Lunar Embassy to China" after its business license was suspended on Oct. 28 on the grounds of speculation and profiteering, Beijing Times reported on Wednesday.

    The company acted against the Provisional Regulations on Administrative Punishment on Speculation, two investigators from the Chaoyang District Branch of the Beijing Municipal Administration for Industry and Commerce said at the hearing.

    Li Jie, chief executive officer of the company, said "There is not a law or regulation in China that prohibits the selling of land on the moon."

    Industrial and commercial authorities can monitor and supervise market economic activities in accordance with the Provisional Regulations while they remain valid, the investigators said.

    Li Jie of the Beijing Lunar Village Aeronautics Science and Technology Co. Ltd., which calls itself the "Lunar Embassy to China," also argued that China does not have sovereignty on the moon and the ownership of the land on the moon should not be ruled by the Chinese government.

    Li pledged to fight for the right of selling land on the moon in China, "I have sued commercial authorities at the Haidian Court. If I fail, I will appeal to the Supreme Court," he said.

    The investigators rebutted by saying that although the Outer Space Treaty stipulates none of the countries on earth has sovereignty on the moon, it provides that the exploitation of outer space should benefit all the human beings. Li's business, they said, just makes money for himself, contradicting the treaty.

    The judge said at the end of the hearing that a report would be finalized ten days later, after further investigation, then the commercial watchdog would make a final decision.

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

    Li requested the court to undo an earlier ruling by the industrial and commercial authorities and return all the company'sproperty it has detained, including a business license, official seal and "title deeds" that promise ownership of land on the moon.

    The company appealed for a public hearing the second day after it received the decision of the Beijing Municipal Administration of Industry and Commerce to revoke its business license and fine the company for 50,000 yuan (about 62,500 US dollars) on Nov. 23.

    The incident of "Lunar Embassy" turned out to be a hot topic on local media since the establishment of the company,

    Some people regarded the company as a farce.

    "The closedown of such a lunar embassy is predictable, as it tries to sell something it does not own," a netizen remarked.

    "Selling land on the moon? How ridiculous! Will it be possible for anyone to recognize such a title deed?" Mr. Wang, a Beijing citizen was quoted by Beijing Daily as saying.

    "I have just bought an acre on the moon and sent it to a friend,now it becomes a dud check. I am befooled," said Mr. Liu, a customer of Li's company.

    However, Mr. Liu, a proponent who bought three acres said, "People can buy a ticket to a pop star's concert with 1,000 US dollars, why can't they buy land on the moon to get the same spiritual satisfaction? Now I can joke with young people by sayingI can offer you a piece of land on the moon."

    After the closedown, Li's company was trapped in a financial crisis. "I am ready to set up a center helping people get rid of smoking," Li said.

    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.

    Thirty-three clients bought 48 acres of land on the moon in the first three days after the company started operation. The deals involved more than 14,000 yuan (1,700 US dollars), according to findings of the Chaoyang District Branch of the Beijing Municipal Administration for Industry and Commerce. Enditem