Doughnut chain Krispy Kreme will be re-entering the world’s second largest economy through a new development deal.

Krispy Kreme has signed Haiya Group to develop 23 stores in Guangdong Province over the next five years.

Haiya Group has 23 years of experience operating a number of retail concepts including Haiya Restaurant, a luxury Chinese cuisine brand in Shenzhen, and Haiya’s Golden Dragon Restaurant. Haiya Group also operates the first five-star hotel in Kunming, seven department stores, and Haiya Mall, the largest shopping mall in Guangdong.

In 2008, Krispy Kreme attempted to crack the Chinese market by partnering with KKD Lotte Holdings to open 35 stores across metropolitan cities by the end of 2013. However, KKD Lotte opened just two stores, with the last one closed in May.

This time, Krispy Kreme is optimistic it can establish itself in the market, believing in Haiya Group’s sound understanding of the Chinese consumer.

The glazed doughnut maker can be found in more than 800 retail shops in more than 20 countries in North America, Latin America, Asia/Pacific, the Middle East and Europe.