According to an article written by Adam Roseman in ARC China’s newsletter, Starbucks Coffee Company has recently announced that it plans to acquire ownership of all its stores in China from Maxim’s Caterers Ltd.

Starbucks said the transaction would enable it to increase profitability in China, because it would give the company more direct control of the stores in Chongqing municipality as well as five other provinces.

The agreement states that Maxim’s will be given 100% control over Starbucks branches in Hong Kong and Macao.

According to the company, they intend to have 1,500 Starbucks-branded stores opened in China by 2015.