A gold-encrusted bottle of Wuliangye liquor is being sold at 298,000 yuan ($46,600), National Business Daily reported.

The expensive bottle, produced by Wuliangye Group Co Ltd, is sold at a high-end supermarket, Olé, in Guangzhou, Guangdong province. The gold of the bottle weighs 180 grams and is worth at least 72,000 yuan, the paper reported.

Experts say that the bottle is overpriced and the value of the actual liquor is uncertain.

Liang Guoxing, chairman of Silver Base Group Holdings Ltd, a leading operator of alcoholic beverages and a major distributer of Wuliangye, said the wholesale price of the golden Wuliangye went for 138,000 yuan per bottle.