Goubuli, a renowned Chinese restaurant chain known for its steamed stuffed buns, announced it has finalized a deal with Gloria Jean's Coffees to operate the Australian brand in China.

According to the deal reached on December 25, 2014, Tianjin Senyongtai Food and Beverage Co, a wholly owned subsidiary of Goubuli Group, will hold an 80 percent stake in "Tianjin Glory," a new joint venture that will operate Gloria Jean's coffee brand in China, Zhang Yansen, board chairman of Goubuli, said on Wednesday.

The Australian firm will hold the remaining 20 percent of shares, he said.

"Our negotiations began at the end of 2012 and lasted for almost two years," said Zhang.

Gloria Jean's Coffees currently has 12 outlets in China, including branches in Tianjin, Shanghai and Chengdu.

"Like other coffee shops, we sell coffee, soft drinks and pastries," said a shop assistant at Gloria Jean's.

"We don't serve Goubuli buns here - the bun-and-coffee combination would sound too weird."

China's coffee consumption is growing at 15 percent annually, much faster than the international average growth rate of 2 percent a year, said Zhang Yansen.

A market survey has found that China's coffee consumption in 2012 totaled 70 billion yuan ($11.26 billion). Zhang predicted the figure will climb to 150 billion yuan in five years.

Gloria Jean's currently operates about 1,000 stores in 42 countries and regions worldwide.

Zhang said the new deal will increase Gloria Jean's outlets in China to 200 in the coming five years.