Chinese developer Greenland Group has purchased the huge Ram Brewery development site.
The derelict site, in Wandsworth Town, was previously owned by Minerva and has planning consent for 661 homes, shops and a 36 storey tower.
It will be Greenland's first acquisition in the UK, with the completed transformation project valued at £600m.
Greenland are working on projects in more than 80 cities throughout China and developed the Wuhan Greenland Centre - one of the world's largest residential towers.
Company Minerva acquired Delancey two years ago which saw a redesign on an original rejected scheme, which included two towers and 1,000 apartments.
The approved plan includes the restoration of Grade I and Grade II* listed micro-brewery buildings and the creation of a brewing museum.
It will open up the River Wandle to the public, while leisure and amenity spaces will be created.
Councillor Ravi Govindia, leader of Wandsworth Council, said: "This is more good news for Wandsworth Town and another vote of confidence in the council’s ambitious regeneration plans.
"The Ram Brewery now has an owner with the experience and deep pockets needed to unlock its enormous potential.
"The site comes with a very well designed development plan which would rejuvenate this part of the town centre, open the historic brewing buildings to the public and create hundreds of new homes and jobs.
"It also delivers on the council’s top priority which is to redesign the Wandsworth Gyratory and remove through traffic from the high street."
Zhang Yuliang, chairman of Greenland Group said: "London is the global financial centre as well as the most open and diversified city that enjoys the most mature economic development, making it the first option for our investment in Europe."
A series of development projects are also taking place in Wandsworth Town aiding the area's transformation, including Southside Shopping Centre and Sainsbury's Garratt Lane.
More than 400 homes are being created in The Filaments, Wandsworth High Street, while Battersea Reach was recently transformed.
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