Unlikely sectors bidding for McD’s China, HK ops

Business revamp: A woman walks past a McDonald’s outlet in Hong Kong. McDonald’s is reorganising its Asian operations, bringing in partners as it switches to a less capital-intensive franchise model. — Reuters

HONG KONG: Fast-food giant McDonald’s Corp has received final bids from at least three groups for its China and Hong Kong outlets, with global private equity firms Carlyle Group and TPG Capital separately teaming up with Chinese partners for the business worth up to US$3bil, sources told Reuters.

Carlyle had joined with Chinese state conglomerate CITIC Group, while TPG had teamed up with mini-market operator Wumart Stores on their separate bids for the 20-year franchise, said the sources, who declined to be named.