Chinese investment could be coming to Croydon in the form of a new £500m, 900-home skyscraper in the town centre.

In an announcement timed to coincided with President Xi Jinping’s state visit to the UK, the China Building Technique Group Company (CBTGC) has signed on as primary contractor for a proposed 200m tower known as One Landsdowne Road.

Under plans drawn up between CBTGC and developers Guildhouse UK and Rosepride Properties, the 55-storey dual-block tower would include 900 homes.

That would make it one of the tallest residential buildings in the UK, according to the Construction Enquirer website.

China Daily, the most-read English language newspaper in China, claimed the new tower would "inject dynamism to the local economy" in a report on Wednesday. One Landsdowne Road is close to the Whitgift Centre, which is expected to be redeveloped into a Westfield complex.

Dave Hudson, chief executive of Guildhouse UK, said that although CBTGC would provide technical advice on the project, local workers and supply companies would build the monster tower.

The One Landsdowne Road project still needs to be granted planning permission by Croydon Council, which stipulates that 50 per cent of new housing in the town centre must be "affordable".

Croydon Council leader Tony Newman said the project was the result of "a growing business relationship" between the UK and China.

But business was also mixed with pleasure this week when Prime Minister David Cameron took President Xi to his local pub for fish and chips and a pint.