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McDonald's wants to double the number of restaurants in China by 2022



McDonald's Corp reported that it will increase the number of restaurants in China by almost half by 2022.



08.Aug.17 8:18 AM
By Daria Zaytseva
Photo Toinnov.com

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McDonald's wants to double the number of restaurants in China by 2022

This is slightly higher than the forecasts, as part of a strategic partnership with the state-supported conglomerate CITIC Ltd and Carlyle Group.

The American fast food chain earlier this year agreed to sell most of its business in China and Hong Kong to CITIC and Carlyle for about $ 2.1 billion. As part of the new partnership, the company planned to increase the number of restaurants in China and Hong Kong by 1,500 over the next five years.

However, McDonald's, which expects the new partnership will allow it to expand its market share in the world's second largest economy without using a large share of its own capital, said it plans to increase the number of restaurants in China to 4,500 by the end of 2022 from 2,500 to the present.

The company plans to achieve double-digit annual sales growth in China during this period and wants to open up to 500 restaurants every year until 2022, while this year it opened 250.

"China will soon become our largest market outside the U.S. We are pleased to join forces with CITIC and Carlyle to better localize the decision-making process to meet the changing demand of customers in this dynamic market," said Steve Easterbrook, head of McDonald's.

As part of the deal last week approved by regulators, CITIC will receive 52 % of McDonald's business in China and Hong Kong, and Carlyle - 28 %.




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