Goubuli Group, the best-known stuffed-bun maker in China announced on Wednesday a finalized deal with Gloria Jean's Coffees to operate the Australian brand in China.

Tianjin Senyongtai Food and Beverage Co Ltd, a wholly owned subsidiary of Goubuli, will hold an 80 percent stake in the joint venture and Retail Food Group the balance.

"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 Yanshe, chairman of Goubuli Group, who is optimistic about the prospects for Chinese coffee market in next half decade.

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

Gloria Jean's Coffees currently has 12 outlets in China, including branches in Tianjin, Shanghai and Chengdu. One of the shops is located next to a Goubuli buns outlet in downtown Tianjin's Nankai District. While no decisions have been made as to whether the venture will push steamed buns with coffee.

Goubuli, established in 1858 and headquartered in the northern port city of Tianjin, reported 1 billion yuan in business turnover last year. The skills of making Goubuli stuffed bun has been listed as China’s national intangible cultural heritage.