(Yicai) Feb. 3 -- Chinese private equity firm CPE and Burger King's owner Restaurants Brands International have officially set up Burger King China, with the former taking a majority stake following a USD350 million investment.

The establishment of Burger King China was completed, RBI and CPE announced in separate statements yesterday. CPE took about 83 percent of the joint venture, while RBI received the remaining 17 percent and a seat on the board of directors.

CPE has appointed its operating partner Johnson Huang as chairman of Burger King China, the Beijing-based firm said.

Moreover, a wholly-owned affiliate company of Burger King China has entered into a 20-year master development agreement granting it exclusive rights to develop the Burger King brand in China.

"The newly injected USD350 million into Burger King China will remain entirely within the JV and its subsidiaries to support the next stage of Burger King China's development," said Mao Wei, managing director of CPE.

CPE and RBI aim to expand Burger King's restaurant network in China from about 1,250 today to more than 4,000 by 2035, while delivering sustainable same-store sales growth through disciplined execution and continued focus on food quality and brand relevance, RBI noted.

Established in 2008, CPE focuses on investments in technology and industry, healthcare, and consumer services. It has a cumulative investment amount of around CNY10 billion (USD1.4 billion) and has successively invested in companies such as Mixue Group, Aier Eye Hospital Group, Laopu Gold, and Pop Mart.

Editor: Futura Costaglione