Burger King plans to more than triple the number of its restaurants in China within a decade under a new joint venture with a local partner, the fast-food giant says.

The joint venture, Burger King China, will receive $350m in investment from the private equity firm CPE under a plan to drive the brand’s expansion, parent company Restaurant Brands International (RBI) said in a statement on Monday.

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Under the deal, the fast-food chain will seek to expand to more than 4,000 locations in China by 2035, up from roughly 1,250 at present.

Once the tie-up is completed, Beijing-based CPE will hold a stake of about 83 percent in the company with RBI retaining an approximately 17 percent stake along with a seat on the board of directors.

RBI CEO Joshua Kobza said the deal would unlock Burger King’s “full potential” in China.

“China remains one of the most exciting long-term opportunities for Burger King globally,” Kobza said in a statement.

“Our recent investments and this joint venture underscore our confidence in the Chinese market.”

Burger King entered the Chinese market in 2005, opening its first outlet opposite a Buddhist temple in downtown Shanghai.

But the burger chain, founded in 1953 in Jacksonville, Florida, under the name Insta-Burger King, has struggled to match the success of its United States-based rivals such as McDonald’s and KFC.

KFC had more than 12,600 restaurants in China as of September while McDonald’s operated about 6,800 outlets in the country last year, according to company data.

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Last week, US coffee chain Starbucks announced it would sell a 60 percent stake in its China business to a Hong Kong-based private equity firm after years of losing market share to local competitors.

In a statement announcing the deal, Starbucks CEO Brian Niccol said the tie-up with Boyu Capital presented a “path to grow” from about 8,000 coffeehouses at present to more than 20,000.