BR America       中文       Deutsch       Français       日本語       ChinAfrica
Search      Subscribe
Home      Nation      World      Business      Opinion      Lifestyle      Multimedia      Documents      Special Reports      Africa Travel
Latest Headlines
McDonald's to Set up Largest Franchisee in China
 

Fast food giant McDonald's announced January 9 it would partner with a group of investors, which would make the new company the largest franchisee outside of America.

CITIC Limited, CITIC Capital, the Carlyle Group and McDonald's formed a strategic partnership and set up a new company as the master franchisee responsible for McDonald's businesses on the Chinese mainland and Hong Kong for a term of 20 years, according to a press release.

The new company will acquire McDonald's businesses on the Chinese mainland and Hong Kong, with CITIC and CITIC Captial holding the controlling stake in the new entity, according to the statement.

It is expected that the new company will increase restaurant openings, particularly in third- and fourth-tier cities, and improve menu and retail offerings.

The plan is to open over 1,500 restaurants on the Chinese mainland and Hong Kong over the next five years.

Steve Easterbrook, McDonald's CEO, said the Chinese mainland and Hong Kong was an enormous opportunity.

McDonald's in May 2015 decided to re-franchise 4,000 restaurants by the end of 2018, with the long-term goal of becoming 95-percent franchised. The company had over 2,400 restaurants on the Chinese mainland and more than 240 in Hong Kong by the end of 2016.

(Xinhua News Agency January 9, 2017)

About Us    |    Contact Us    |    Advertise with Us    |    Subscribe
Partners: ChinAfrica   |   China.org.cn   |   China Today   |   China Pictorial   |   People's Daily Online   |   Women of China   |   Xinhua News Agency   |   China Daily
CCTV   |   China Tibet Online   |   China Radio International   |   Beijing Today   |   gb times   |   China Job.com   |   Eastday   |   CCN
Copyright Beijing Review All rights reserved 京ICP备08005356号 京公网安备110102005860号
SHARE
Twitter
Facebook
Google+
WeChat
Weibo
Email
Print
Chinese Dictionary: