Chinese property company Dalian Wanda is to build Europe’s tallest hotel on the banks of the Thames in Vauxhall, next to the new US Embassy.

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The intriguingly-located project comes in the wake of claim and counter-claim by governments of both China and the US of cyber-attacks and on-line spying and of revelations that the British government eavesdrops on visiting foreign officials. Just up the road from the hotel site is the headquarters of Britain’s spy operation, MI6.

The Embassy, with 1,000 staff and surrounded by a moat, opens in 2017 and is part of a larger scheme on the riverside between Battersea and Vauxhall that includes the redevelopment of Battersea Power station.

Today, Dalian Wanda concentrated on the business case for the £700 million, 200m high, 62-storey hotel, to be built in twin-tower format, like New York’s City’s World Trade Centre, which was destroyed in the 9/11 terrorist attacks.

“The London property market has excellent investment opportunities,” said multi-billionaire boss of Dalian Wanda, Wang Jianlin, who also holds a number of top government posts.

London Mayor Boris Johnson pointed to the employment prospects offered by the development.

“I warmly welcome Dalian Wanda’s investment into London as part of our plans to dramatically transform Nine Elms into a stunning quarter of the capital, providing thousands of new jobs and homes,” he said.