Dalian Wanda Group Corp Ltd, one of China's largest property developers, announced Wednesday in Beijing that it will launch a £1-billion ($1.6-billion) investment for the overall control of UK luxury yacht manufacturer Sunseeker and construction of a five-star hotel in London’s core area, according to sohu.com.

Wanda will spend £300 million ($469 million) to buy 91.8 percent of the corporate shares of Britain's largest luxury yacht maker Sunseeker, and the remaining shares will be controlled by the company’s current management at the price of the acquisition.

The hotel project will be located at a key location in Wandsworth, western London, which will cost around £300 million and cover an area of 105,000 square meters, the company said.

This will be the first luxury hotel invested and constructed by a Chinese company.

The two projects were approved by Chinese and UK regulators, said Wang Jianlin, Chairman of Wanda Group.

Sunseeker International, located in Poole, England, produces luxury boats favored by British royalty and celebrities from all over the world. The current management, manufacturing base and all employees of Sunseeker will remain after the deal is closed.

According to Wanda Group, more Wanda hotels will be built in the world’s top major cities within the next decade.