Details have been released for a new 160-bedroom, £700m (US$1.08bn, €819.4m, ¥6.64bn) hotel development in London's South Bank - the first luxury Chinese hotel ever to be launched overseas.

Wanda Hotels & Resorts - the hospitality sector of the Dalian Wanda Group - will develop the 160-bedroom hotel as part of the £700m development, which will also include 63,000sq m (678,126sq ft) of apartments.

Wanda chair, Wang Jianlin revealed that Wanda will announce a luxury hotel project to be built in New York later this year. The company plans will see them expand with between eight and 10 new hotels built in major cities over the next decade.

The Chinese company, which currently operates 38 five-star hotels across China and has assets of £30bn (US$46.4bn, €35.1bn, ¥284.5bn), is looking to target Chinese citizens interested in overseas investments or travelling abroad.

Outbound travelers from China have become a critical growth market for global tourism with China's outbound spending last year coming in at US$102m, a 40 per cent increase from 2011.

The London development, which already has full planning consent, overlooks the River Thames, The Palace of Westminster and Battersea Power Station.