I went in and had a look. I also did a search on the school name.
I didn't find any complaints from teachers about the school.
Bear in mind that I am notoriously (and proudly) paranoid, but my gut reaction is: RUN.
Why?
Well, as others have pointed out, that package is lousy.
Chengdu is not a rich area, for the most part, but 700 is not a very generous housing stipend. At that salary, they need to be providing you AN APARTMENT, not a stipend. This system leaves you to raise the deposits, the realtor's fees, and multiple months of rent, as well as to hondle with the landlords and so on. This is not going to be easy (if possible at all) on a salary of 4K. For more info, see the Housing thread in the Library. As some people point out, 4000 per month might be liveable...but this assumes full provided housing. NOT a stipend.
This place is taking in over 8,800 RMB per month PER STUDENT for its basic English program. They can afford an apartment for you.
Also. This place seems to be hinting that it can place people abroad as interns...something relatively few places can really make happen, especially in North America. A lot of schools approach the business this way...the hidden message is "You can buy your way to a foreign country here!" Such places have a really dismal track record of teacher (and customer) satisfaction. I know I'm tarring with a broad brush again here, but...I think the odds are good that I'm right.
They still really cling to their former affiliation to a well-respected American college, even though it's all now very clearly stated in the past tense. That past tense bothers me.
Their official website is largely empty. Something has really changed recently. Watch the site. If it fills in at all visibly, it may be as simple as a new website migration...
A lot of bad vibes from a lot of little things. But it's just a gut reaction to the website and its contents, plus the deal specifics you list.