Shanghai-based ZhongRong Group plans to invest 500 million pounds (USD 811 million) to build a replica of the iron and glass building as a cultural attraction in south London.
The Crystal Palace was designed for the 1851 Great Exhibition, when thousands of exhibitors around the world gathered to display the latest technology.
Originally erected in Hyde Park, the huge glass structure was moved three years later to south London. A fire destroyed it in 1936.