Chinese company set to build £700m London tower

Chinese firm buys UK yacht manufacturer and plans to build luxury five-star hotel in London. Credit: Chris Ison/PA Wire

A Chinese firm has revealed a £1 billion investment in the UK after snapping up a yacht manufacturer and unveiling plans to build a luxury five-star hotel in London.

Dalian Wanda will take a 92% stake in Poole-based Sunseeker, whose boats have featured in James Bond films, in a deal worth £320 million.

The commercial property investor, which holds retail and leisure assets worth £36 billion, has also reached agreement on the £700 million development of a riverside hotel at the Nine Elms regeneration site in central London, near South Bank.