McDonald’s China Co. has signed a strategic alliance with China Overseas Land & Investment Ltd. to expand into the country’s more than 60 core mainstream city commercial complexes, Yicai.com reported, citing an agreement on Monday.
“We hope to combine McDonald’s different business forms with China Overseas Land & Investment’s business complexes, community businesses, offices, and come up with more innovative solutions to accelerate business development,” Zhang Jiayin, CEO of McDonald’s China, told Yicai.com.
The strategic alliance came after Citic Limited and its investment-management arm Citic Capital Partners, along with Carlyle Investment Group, bought the controlling interest in McDonald’s China in July. The new parties now operate and manage McDonald’s 2,700 restaurants in the Chinese mainland and Hong Kong.
In August and September, Evergrande and Country Garden Group also signed long-term strategic cooperation agreements with McDonald’s China to help the firm speed up its expansion in China.
The goal of McDonald’s China is to open 2,000 new restaurants in the country by 2022, the report added.