McDonald's is going to nearly double its number of stores in China [The Business Insider]
The Carlyle Group Inc. (CG)
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Source: The Business Insider
McDonald's is going to nearly double its number of stores in China People walk by a McDonald's store in downtown Shanghai July 31, 2014. REUTERS/Carlos Barria SHANGHAI, Aug 8 (Reuters) - McDonald's Corp said it would almost double the number of stores in mainland China by 2022, slightly more than was expected, as part of its strategic partnership with state-backed conglomerate CITIC Ltd and Carlyle Group. Earlier in the year, the U.S fast food chain agreed to sell most of its China and Hong Kong business to CITIC and Carlyle for up to $2.1 billion. The new partnership had planned to add 1,500 restaurants in the two areas over the next five years. But McDonald's, which is betting the partnership will help it expand in the world's No. 2 economy without using much of its own capital, said it expects to increase the number of stores in mainland China to 4,500 by the end of 2022, from 2,500 now. The company said it was targeting a double-digit annual sales growth in mainland China o
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