Fast food chains are taking advantage of the prosperity of Chinese consumers by opening outlets in the Asian giant.

One such company is doughnut brand Dunkin' Donuts which announced on Thursday the opening of over 1,400 outlets across China in the next two decades. Dunkin' actually has 16 stores in the country, but the new ones to open will be under a new agreement with Golden Cup Pte. Ltd., reports Boston Globe.

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The first under the new deal will open by the fourth quarter of 2015. It is the largest agreement in Golden Cup's 65-year history.

Tony Tan Caktiong, co-owner of Gold Cup with an Asian investment house, said the group decided to open shops in China because of the tremendous opportunity in the largest consumer market in the world. Caktiong is also the owner of Jollibee Foods Corp., a Filipino hamburger chain that beat American burger giant McDonald's in the Philippines.

In 2013, Dunkin' said it would open over 100 stores in the Chinese provinces of Shangsu, Jiangsu and Zhejiang. Outside China, Dunkin', which is present in 36 nations, would open more than 100 stories in Mexico and would also expand in Austria, Brazil and Sweden.

The expansion would hopefully seek to reverse the disappointing guidance earnings of Dunkin's parent group for the fourth quarter of 2014 due to continued pressure on diners and lower sales of its packaged coffee. In the last 12 months, shareprices of Dunkin' Donuts also went down 8 percent.

Other global chains expanding in China include Starbucks, which said in December that it would aim to open over 3,000 stores by 2019 - double its current number.

Tagsfast food, dunkin donuts