Beijing/Hong Kong —

Nearly three decades ago, Starbucks opened its first outlet in China with much fanfare, involving a troupe performing a traditional “golden lion” dance and eager customers trying cappuccinos made with steaming espresso machines.

The entry of the American brand helped spur the rise of a thriving coffee culture among the burgeoning middle class of a country that traditionally drank tea, and Starbucks soon became a symbol of Western influence in a more affluent China.

At one point the Seattle-founded coffee giant was opening a new store every 15 hours in China as it rode the wave of the country’s economic boom –– making the market a cornerstone of the US company’s global strategy.

But that’s all about to change, with Starbucks announcing on Monday that it will sell the controlling stake of its operations in the world’s second-largest economy to a Chinese investment firm.

Under the deal, Boyu Capital will hold up to a 60% interest in Starbucks retail operations in China of over 8,000 outlets, with the coffee chain retaining a minority 40% stake and continuing to license the Starbucks brand and intellectual property to the new entity.

For Starbucks patrons at an upscale mall in Beijing’s central business district – the same complex where the company first opened its doors in China in 1999 – the news