Multimillionaire Ni Zhaoxing plans replica of Joseph Paxton's famous Great Exhibition building from 1851 on same site

Coloured lithograph by Augustus Butler showing Jospeh Paxton's Crystal Palace after it was built in 1851. Photograph: Science & Society Picture Library/Getty Images

A replica of the Victorian-era Crystal Palace could be rebuilt on the same site as the original building in south London by 2018, according to plans unveiled by Boris Johnson and the Chinese billionaire behind the proposed scheme.

The chairman of the property development firm ZhongRong Group, Ni Zhaoxing, is investing £500m to rebuild what was the first large-scale glass and steel building. It was designed by Joseph Paxton for the Great Exhibition of 1851, and it burnt down in 1936.

Ni, who Forbes magazine estimates is worth $1.25bn (£772m) said that he has visited the ruins of the old Crystal Palace at least 10 times in the past.

He said he was motivated by passion rather than greed: "When I visited the ruins I thought how can we restore the former glory of the Crystal Palace?"

Speaking afew feet away from the proposed site of the new building on the Italian-style terraces – its staircases and balustrades crumbling from neglect, the odd headless statue evoking the faded might of an imperial past – Johnson called the plan "a brilliant, original and simple vision".

While details were scant, the building was described as a "culture-led exhibition space" that will include a hotel and conference facilities, studios, galleries and other commercial units.

Artist's impression of how the rebuilt Crystal Palace would look. Photograph: In-Press Photography/PA

The area has a history of strong community opposition to building on the site of Paxton's exhibition hall. In 1997 plans to build what was billed as a multiplex of retail units, bars and restaurants provoked a long legal battle and an occupation by activists where the building was due to be erected and ultimately Bromley council was defeated.

Some locals also view Ni's plan with scepticism. They say they have been left in the dark about the plans that would affect their neighbourhood.

A local resident, Jessica Cahill, came to the park armed with a banner that read "Parks for People, not for profit". She said she has no idea what the plans entail as the launch was closed to the public.

"I'm concerned about the loss of green space and commercial space being developed on parkland," she said.

The head of the Crystal Palace Park Community Stakeholder Group, which sits on the park's executive board, said he was surprised to hear of these plans through articles in the press two months ago.

Boris Johnson and Ni Zhaoxing at the Crystal Palace launch event. Photograph: Sarah Lee for the Guardian

"This came from leftfield," said Martin Tempia. "No one seems to know anything about the micro elements of this. That's a particular concern when you consider the speed at which they want to push this forward," he said.

Johnson said: "This needs to be developed with the community. We need to talk to people about their ideas, their aspirations – but the potential is fantastic."

> via TheGuardian