Chinese developers to fund rebuilding of UK's iconic Crystal Palace

Chinese developers will reportedly fund the rebuilding of London's famous Crystal Palace.

The 19th century Victorian exhibition center, a symbol of Britain's worldwide power in that era, will be rebuilt in London with a 500 million pound investment from Shanghai-based real estate firm ZhongRong Group.

According to CBS News, the Crystal Palace was once the largest glass structure in the world originally erected in Hyde Park, and was designed by Jeremy Paxton for the 1851 Great Exhibition.

Officials said that the project will begin in late 2015 and the replica will be built on the same site as a cultural attraction and exhibition space and also include public parks, a hotel and conference facilities.

The original structure was about the length of five soccer fields and six stories high and was moved three years later to south London but was destroyed by a fire in 1936.

Chairman of ZhongRong Group, Ni Zhaoxing, said that the original Crystal Palace is celebrated in China as a magnificent achievement, the report added.