End of a Growth Era: McDonald's and Yum Sell China

Having established large footprints in China, two fast food giants are looking to cash out.

Caixin: Yum Brands, McDonald's Explore China Pullback
In early September, Yum, which owns the KFC, Pizza Hut and Taco Bell chains, announced a sale of a slice of its China operations to private equity fund Primavera Capital Group and Ant Financial Services Group, which is affiliated with Alibaba Group. The move is a step in the company's plan to spin off its China operation and list it on the New York Stock Exchange separately.

The deal came as Yum's archrival, McDonald's, said in March it will sell 20-year franchise rights for its restaurants in China, Hong Kong and South Korea, a move that attracted suitors like U.S. private equity firm Carlyle Group and Chinese state-backed conglomerate CITIC Group.

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