Dalian Wanda Group has announced plans for a luxury London hotel in what will be the tallest residential tower in Europe.

The Chinese firm yesterday confirmed that it had finalised a £700 million deal to build the five-star, 670 foot-tall property on the south bank of the River Thames in Vauxhall.

Constructed on what is currently known as the One Nine Elms site, the Wanda Hotels and Resorts hotel will offer views of London landmarks including Battersea Power Station.

It will also hold the distinction of being the first luxury hotel opened by a Chinese firm overseas.