Nike, the world's largest athletic footwear company, has been fined 4.87 million yuan ($779，416) for selling sneakers in China at a higher price and of a lower standard, Beijing Evening News reported on Wednesday.

Nike set the price for one of its basketball sneakers, which it advertised with double air cushions inside, at 1,299 yuan in China, more than 500 yuan higher than the same one in other countries. It was later discovered the company misled customers with an advertisement as the footwear only contained one air cushion.

The Beijing Administration for Industry and Commerce said Nike applied double standards between Chinese consumers and other places.

"The administration will not tolerate such a behavior," said Liu Jianmin, deputy head of Beijing Administration for Industry and Commerce.

Nike recalled the product and offered a refund.