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Home >> China
UPDATED: 10:16, November 10, 2005
Licence of 'Lunar Embassy' suspended
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Beijing authorities have suspended the licence of a company, which claimed to sell land on the moon, for engaging in speculation and profiteering in deals involving more than 14,000 yuan (US$1,728).

Beijing Lunar Village Aeronautics Science and Technology Co Ltd was registered on September 5 but has now stopped operation, a source with the Chaoyang District Administration for Industry and Commerce said over the weekend.

An administration official said that according to State regulations, all activities that are in violation of laws and regulations, and disturb social and economic order are considered to be engaged in speculation and profiteering.

The official said that the Lunar Embassy is suspected of being involved in such infractions.

Further investigation into the case will continue, the branch official said.

The administration together with local police also seized invoices, "permits" of ownership of land on the moon, relevant documents, files of employees and more than 10,000 yuan (US$1,200) involved in the company's business.

Li Jie, CEO of Lunar Embassy, said that 34 clients bought 49 acres of land on the moon in the first three days after his company opened for business.

The so-called Lunar Embassy in China claimed that anyone could purchase an acre on the moon for 298 yuan (US$37) through the company. The company, with domestic financing, started operation on October 19.

The Lunar Embassy issued customers a "certificate" that proclaimed property ownership, including rights to use the land and minerals up to 3 kilometres underground, Li was quoted as saying in earlier reports.

Earlier investigations by the Beijing Municipal Administration for Industry and Commerce and its Chaoyang District branch showed that the Lunar Embassy in China was registered to do businesses covering space travel, development of the moon and sales of land on the moon.

Source: China Daily

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