Taipei - China's 151-year-old Goubuli Group will open its first Taiwan outlet later this year to sell its famous steamed stuffed buns, company officials said Wednesday.

"The outlet, a 50-50 joint venture of Tianjin Goubuli Group and Taiwan's Chienhua Group, will be set up in the central city of Taichung before the end of this year," a spokesman for the Taiwanese company said.

He said the two sides had already signed a letter of intent in the port city of Tianjin in northern China on Tuesday and will start discussing the exact amount of the investment soon.

Under the plan, Goubuli will provide technology transfers, the rights to use the brand name and management expertise, while the Taiwan outlet will offer the famous buns and its classic menu.

The spokesman said Chienhua will also serve as the exclusive agent of Goubuli's buns in Taiwan and help the Chinese group seek market listing on the island in the future.

The food group Goubuli, one of China's longest-established brands, operates restaurants, fast food chains, food factories and other food-related establishments. Its tasty steamed bun, stuffed with chopped meat, has 15 folds and looks like a chrysanthemum.

Goubuli reported sales of 146 million US dollars last year. (dpa)