BEIJING, Dec. 23 (Xinhuanet) -- A Beijing-based company called "Lunar embassy in China" was deprived of its business license by Beijing's industrial and commercial watchdog for having allegedly sold "land on the moon."

    The "Lunar Embassy", whose "moon land" sale fell in the category of "speculation and profiteering," was also ordered to pay a fine up to 50,000 yuan (6,300 U.S. dollars), according to the Chaoyang District Branch of the Beijing Municipal Administration of Industry and Commerce.

    It was reported that 34 clients had bought 49 acres of the "moon land" from the company, involving deals of more than 14,000 yuan (1,750 U.S. dollars).

    The company has refunded all the clients except three who are now abroad and out of contact, according to Li Jie, CEO of the "Lunar Embassy."

    Some clients had preferred keeping the land ownership certificates to getting refunded, so the company left the certificates in their hands as souvenirs but refunded them all the same, said Li.

    Li said that he will appeal to the Beijing municipal government against the penalties imposed on his company on Dec. 6.

    Registered on Sept. 5 this year, the so-called "Lunar Embassy" claimed that it was selling land on the moon at 298 yuan (37 U.S. dollars) per acre. The sales formally began on Oct. 19, but were ordered to stop in just three days. Enditem