Chinese asset management firm CPE announced on Monday a strategic partnership with the Burger King brand to establish a joint venture — Burger King China — marking a new phase of the fast-food giant’s expansion in the Chinese market.

According to CPE’s official statement, the company will invest $350 million in the new venture. Upon completion, CPE will hold about 83% of Burger King China, while Restaurant Brands International (RBI), the owner of the Burger King brand, will retain approximately 17%.

The partnership underscores the growing role of Chinese capital in global consumer brands. It follows a similar move earlier this month when Starbucks Coffee announced a joint venture with Boyu Capital to manage its retail operations in China.