Burger King to open 1,000 restaurants in China
- 15 June 2012
- From the section Business
Fast-food giant Burger King has said it will open 1,000 restaurants in China over the next five to seven years.
The announcement comes after the group signed a joint venture agreement with the Kurdoglu family, which is already Burger King's largest franchisee, and private equity firm Cartesian Capital.
Burger King currently owns 63 outlets in China. Rival McDonald's owns 1,400.
Other fast-food groups are also looking to take advantage of China's rapidly-growing middle classes.
In April this year, Miami-based Burger King announced its intention to relist on the New York Stock Exchange after its owner, private equity group 3G Capital, agreed to sell a 29% stake in the company for $1.4bn (£890m) to UK-based investment vehicle Justice Holdings.
3G Capital, which bought Burger King for $3.26bn in September 2010, retains a 71% stake in the company.