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.
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas