Starbucks in deal with JV partner in China

Starbucks Corp said it signed an agreement with its joint venture partner in South China, Maxim's Caterers Ltd that gives the world's largest coffee chain full control of more than half of its retail stores in the Chinese mainland.

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As part of the agreement, Starbucks has assumed 100 percent equity of its business in the Chinese provinces of Guangdong, Hainan, Sichuan, Shaanxi and Hubei, and the municipality of Chongqing.

Maxim's has acquired Starbucks' remaining equity stake in the Hong Kong and Macao markets.

"Full ownership of our stores in Central, South and Western China is part of our broader strategy to build China as our second home market outside of the US...," John Culver, president, Starbucks Coffee International said in a statement.

The deal is part of the company's plan to have 1,500 stores in the Chiense mainland by 2015.