(Yicai Global) Oct. 27 -- A company from Chengdu, the capital of China's southwestern province of Sichuan, has raised eyebrows by offering real estate for "USD10,000 per square meter" in a dollar-denominated advertisement at its project site and the local airport.

The Chengdu Municipal Industrial and Commercial Bureau recently investigated the real estate project for illegal advertising and issued a notice of administrative penalty to its developer, advertising agency and the ad's publisher, fining them USD170,000 (CNY1.1 million).

"We did not realize that the content of the advertisement is illegal, without checking compliance," the real estate project leader said. Since the project is in the South of the city, which is more attractive to expatriates, those involved creatively advertised it, pricing it in foreign currency, in hopes of attracting the attention of expats, she said.

The project is offering 120-square-meter one-bedroom apartments, 200-square-meter two-bedroom apartments and 300-square-meter three-bedroom ones.

Insiders and buyers who recently visited the project's site said they received a quote of CNY30,000 per square meter, Chengdu Economic Daily reported. This is a far cry from the USD10,000 per square meter, or CNY66,500 per square meter, mentioned in the ad.