McDonald’s to Sell China Stores to Citic, Carlyle
(Hong Kong and Beijing) — Global fast-food giant McDonald’s Corp. will sell 52% of its China and Hong Kong stores to local financial services conglomerate Citic, ending a nearly yearlong process that will value the unit at up to $2.1 billion.
McDonald’s and U.S. rival Yum Brands Inc. have been trying to jump-start their sluggish China operations for the last few years in the face of growing local competition and growing demands from increasingly sophisticated Chinese consumers. As part of that drive, both companies have been trying to give their China operations more autonomy.
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