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*Mobile Order & Pay at participating McDonald’s. The all-new upgraded McDonald's App with 4 great features, save money and enjoy instantly! Mr X.D. The deal is expected to close in mid-2017. CITIC Capital currently employs over 200 staff members throughout its offices in Hong Kong, Shanghai, Beijing, Shenzhen, Tokyo and New York. Currently employing over 120,000 staff and serving over one billion customers annually in China, McDonald’s is the second largest Quick Service Restaurant chain in China and the largest in Hong Kong. [293] [294] Hong Kong represents itself separately from mainland China, with its own sports teams in international competitions. Use in whole or part of this site's content is prohibited. As disposable incomes rise, people will continue to spend more on leisure and dining out, particularly in tier 3 and 4 cities where there is great growth potential. CITIC (0267) has sold 22 percent of its stake of McDonald's business in Hong Kong and mainland China for US$500 million (HK$3.9 billion). McDonald’s to set up 1,500 new restaurants in China, Hong Kong and South Korea over the next five years McDonald’s has hired Morgan Stanley to … CITIC's equity interest in FFHL will be reduced to 19.23 percent after transaction, and therefore FFHL and GFHL will no longer be consolidated into the financial statements of the group. Trademark and Copyright Notice: Copyright 2021, The Standard Newspaper Publishing Ltd., and its related entities. While McDonald's is retaining a 20% interest in the new company, 52% will be owned by China's largest conglomerate, CITIC, and 28% by asset manager Carlyle Group. McDonald's is the world's leading global foodservice retailer with over 36,000 locations in over 100 countries. China's state-owned investment group Citic, … The Reza Investment Company is wholly-owned by the Alireza family. China economy to rebound in first quarter, 32 accounts blocked in ramp-and-dump probe, Baidu sale treads water amid tech corrections, Huawei fishing for new business to survive, Biden eyes major tax hike in drive for long-term growth. McDonald's is gradually moving away from the wholly-owned business model to a … As a result of this transaction, McDonald’s is refranchising more than 1,750 company-owned stores in China and Hong Kong. In 2018, it had approximately $21.0 billion in sales. For Carlyle, this investment offers the chance to partner with an iconic brand with sizeable market share and growth potential in China. Malaysia's Richest. For more information about CITIC Limited, please visit the company website at www.citic.com. As such, the market for Western Quick Service Restaurants is expected to continue to grow rapidly. Please also read our Ethics Statement. The group believed the trade-off realizes CITIC's investment value. Together with our partners, we will devote ourselves to continue upholding McDonald’s extremely high standards of food quality and service. The firm manages over US$8 billion of capital from a diverse group of international and Chinese investors. After completion of the transaction, CITIC and CITIC Capital will have a controlling stake of 52%, while Carlyle and McDonald’s will have interests of 28% and 20%, respectively. During his tenure, the China and Hong Kong markets were converted to developmental licenses in the largest re-franchising transaction completed in McDonald’s history. The deal is contingent upon relevant regulatory approvals. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Get exclusive deals on your McDonald’s favorites in the App with contactless Mobile Order & Pay* and convenient Drive Thru or Curbside pickup. McDonald’s extensive network and consumer base will provide us with invaluable insights, which we will leverage to the benefit of our existing businesses.”. However, in the case of professional practices such as medicine, state law often limits ownership of a professional corporation (PC) or professional LLC to a licensed pra… Mr Chang Zhenming, Chairman of CITIC Limited, commented: “We believe CITIC’s unique platform and its extensive resources will enable us to help realise McDonald’s full potential in China. McDonald’s CEO Steve Easterbrook said, “China and Hong Kong represent an enormous growth opportunity for McDonald’s. CITIC Limited is listed on the Stock Exchange of Hong Kong (SEHK: 00267), where it is a constituent of the Hang Seng Index. The consideration will be settled by cash and by new shares in the company issued to McDonald’s. Festival Walk is acquired by … ‎McDonald's Value Monday, best value in town! CITIC Limited (SEHK:00267, “CITIC”), CITIC Capital Holdings (“CITIC Capital”), The Carlyle Group (NASDAQ: CG, “Carlyle”) and McDonald’s Corporation (NYSE: MCD, “McDonald’s”) today announced the formation of a partnership and company that will act as the master franchisee responsible for McDonald’s businesses in mainland China and Hong Kong for a term of 20 years. All rights reserved. Upon completion, CITIC and CITIC Capital would have a controlling stake of 52% of McDonald’s mainland China operations, with 2,500 restaurants, and Hong Kong unit, with 240 restaurants. The territory regularly hosts the Hong Kong Sevens, Hong Kong Marathon, Hong Kong Tennis Classic and Lunar New Year Cup, and hosted the inaugural AFC Asian Cup and the 1995 Dynasty Cup. As of 31 December 2016, McDonald’s operates and franchises over 2,400 restaurants in mainland China and more than 240 restaurants in Hong Kong. Mark, who owns a 400-acre farm near Berkhamsted in Hertfordshire, said Easterbrook was divorced from wife Susie at around the time he moved to America to become McDonald… CITIC Group, a Chinese state owned enterprise, owns 58% of CITIC Limited. Currently, McDonald's has established a joint venture with Beijing Agricultural, Industrial and Commercial Federal Corporation to expand its presence in the domestic market. This substantial investment demonstrates our confidence in the strength of the Chinese consumer.”, Mr Yichen Zhang, Chairman and CEO of CITIC Capital, will serve as Chairman of the board of the new company. There were 3,383 McDonald's restaurants in the mainland, and 281 McDonald's restaurants in Hong Kong and Macau, as of December 31, 2019. Carlyle has years of strong investment and operating experience in the global consumer and retail sector, and is well positioned to drive further growth of the new company. CITIC also sees opportunities for synergies with its existing businesses. Hong Kong's Richest. CITIC’s rich history, diverse platform and strong corporate culture across all businesses ensure that CITIC Limited is unrivalled in capturing opportunities arising from China’s continued growth. Jan. 9, 2017 HONG KONG — McDonald’s said on Monday that it would sell its businesses in mainland China and Hong Kong for $2.08 billion to Citic, a … We promise our customers to earn your long-term trust through thought leadership, focus on customer value and by always doing what we say and saying what we do We promise our people to provide an environment that enables you to unlock your promise and potential. Carlyle has invested more than US$7 billion of equity in approximately 90 transactions in China, as of 30 September 2016. In most industries, when a purchaser desires to acquire a target business from its owners, the parties structure an M&A transaction involving the acquisition of either the target’s business assets or its equity. Our purpose is to improve society by considering social outcomes in everything we do, relentlessly focusing on excellence and digital innovation, transforming our clients’ businesses, our communities and employee opportunities. Classic, long-running fast food chain known for its burgers fries & shakes The "McDonaldization" theory, coined by sociologist George Ritzer, describes how principles of fast-food restaurants pervade global society. It intends to add over 1,500 restaurants in China and Hong Kong over the next five years. This press release should be read in conjunction with the full text of the HKEX Announcement dated 9 January 2017, which is available on www.hkex.com.hk. China’s consumer sector is growing rapidly, benefiting from continued urbanisation, an expanding middle class and increasing disposable household incomes. Festival Walk is a shopping centre in Kowloon Tong, Hong Kong developed jointly by Swire Properties and CITIC Pacific between 1993 and 1998. For CITIC Limited, CITIC Capital and Carlyle, CITIC Limited, CITIC Capital, The Carlyle Group and McDonald’s Form Strategic Partnership to Expand In Mainland China and Hong Kong. New Partnership Will Become the Largest McDonald’s Franchisee Outside the United States. ‘Pizza and More’ from Pizza Hut Hong Kong Since its first store opened in 1981 in Tsimshatsui East, Pizza Hut Hong Kong (PHHK) has become a favourite of local consumers as reflected in the now 109 stores and four million pizzas eaten in Hong Kong each year. The company owns 800 Applebee's, Taco Bell and Panera Bread outlets and expects revenue of $1.9 billion this year. Delicious Deals for Delicious Meals. The vegan meat, made by local brand OmniFoods, will be featured in a variety of vegetarian dishes, including a breakfast platter, egg ciabatta sandwich, toastie, burger, and pasta. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. China’s working population is larger than those of the US and Europe combined, yet spending levels of China’s middle class are a small fraction of those in more developed countries. Download McDonald's Hong Kong and enjoy it on your iPhone, iPad and iPod touch. Carlyle and McDonald’s would each own interests of 28% and 20%, respectively, according to previous disclosures. The focus will be on key areas such as menu innovation, enhanced restaurant convenience, retail digital leadership and delivery. CITIC, the main listed arm of Chinese state-owned conglomerate CITIC Group, sold 42.31 percent equity interests of Fast Food Holdings Limited to CCHL, a subsidiary of CITIC Group. [292] Equity for this transaction will come from Carlyle Asia Partners IV. Carlyle has expertise in various industries, including aerospace, defence & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. At the time of its opening in November 1998, it was the biggest shopping mall in Hong Kong. Our Mission is to Deliver the Promise. For CITIC, this investment offers a chance to deepen its exposure to the consumer sector, which is poised to be the main driver of China’s economy for decades to come. McDonald's has agreed to sell 80% of its business in China and Hong Kong, as part of plans to franchise more of its restaurants worldwide. The total amount is US$533 million. We're not just a hamburger company serving people; we're a people company serving hamburgers. This transaction is another step in CITIC’s efforts to better balance its financial and non-financial businesses. The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with US$169 billion of assets under management across 125 funds and 177 fund of funds vehicles as of 30 September 2016. Today, we are pleased to cooperate with CITIC again, alongside McDonald’s, on one of our largest deals in China. McDonald’s existing management team will continue to lead the business. CITIC said more than 1,000 new restaurants were opened in the mainland and Hong Kong with significant growth in both revenue and profit over the past three years. The consideration will be settled by cash and by new shares in the company issued to McDonald’s. Core businesses include Private Equity, Real Estate, Structured Investment and Finance, Asset Management and Venture. and Copyright Policy. CCHL will also be assigned the corresponding portion of outstanding shareholder loans of FFHL in an amount of about US$217 million. McDonald's Corporation is an American fast food company, founded in 1940 as a restaurant operated by Richard and Maurice McDonald, in San Bernardino, California, United States.They rechristened their business as a hamburger stand, and later turned the company into a franchise, with the Golden Arches logo being introduced in 1953 at a location in Phoenix, Arizona. Our McDonald's Fun Club® and McDonald's Mother's ClubTM organizes a variety of fabulous events, making sure happy moments are always in store. He said, “McDonald’s core business proposition and potential in China is clear. About Our Food . 403 likes. In fact, there wasn’t even a McDonald’s Hong Kong Twitter account, a fact that seemed to fool the company, whose main Twitter account had tagged … This new partnership will combine one of the world’s most powerful brands and our unparalleled quality standards with partners who have an unmatched understanding of the local markets and bring enhanced capabilities and new partnerships, all with a proven record of success. Carlyle is one of the largest investors in China, having pursued approximately 90 investments over almost 20 years in China. The deal is … He said, “Carlyle and CITIC have a strong history of partnering together. McDonald’s itself retains a 20 percent interest in the business. Use of this Web site assumes acceptance of the Terms of Use, Privacy Policy Statement The firm combines a deep knowledge of the Chinese business and financial markets with world-class investment expertise to create and maximize value for its investors. CITIC Limited is China’s largest conglomerate operating domestically and overseas, with businesses in financial services, resources and energy, manufacturing, engineering contracting and real estate as well as others. Citic, a massive Chinese financial firm, is taking the majority stake in McDonald's (MCD) operations in mainland China and Hong Kong. As part of its turnaround plan announced in May of 2015, McDonald’s committed to refranchising 4,000 restaurants by the end of 2018, with the long-term goal of becoming 95% franchised. Careers. The deal accounted for 22 percent of equity interest of McDonald's business in Hong Kong and the mainland. OSI is firmly controlled by secretive billionaire Sheldon Lavin, the 88-year-old executive chairman who owns the vast majority of the $6.3 billion (estimated 2019 sales) business. McDonald's Next, Shop 1-41, Admiralty Centre, Admiralty, Hong Kong; +852 2578 3870 This story was originally published in January 2016. Founded in 2002, CITIC Capital is an alternative investment management and advisory company. Importantly, this is also a strategic opportunity for CITIC to invest in the expanding Chinese consumer sector. We’re a global engineering, management and development consultancy. McDonald’s, the world’s largest fast food chain, has over 38,000 restaurants across 120 countries. The total consideration payable by the new company to acquire McDonald’s mainland China and Hong Kong business is up to US$2.08 billion (approximately HK$16.14 billion). The Carlyle Group employs more than 1,625 people in 35 offices across six continents. A civil rights lawsuit filed in federal court by one-time sprinting star Herbert Washington, who played for the Oakland Athletics in the mid-1970s, claims the company has shown more favourable treatment to white franchise holders – and prevented We will work closely with the existing management team and partners, including Beijing Capital Agribusiness Group, to respond to local market expectations and continue to expand and improve the business to meet the needs of the Chinese consumer.”. The partnership will use its combined expertise and resources to accelerate growth in McDonald’s business through new restaurant openings, particularly in tier 3 and 4 cities, and to improve sales performance in existing restaurants. He was responsible for 6,000 McDonald’s restaurants across China, Hong Kong, Italy, Netherlands, Poland, Russia, South Korea, Spain, and Switzerland. By working together, we will unlock even faster growth and be closer to the customers and communities we serve as McDonald’s works to be the leading Quick Service Restaurant across the Chinese mainland and Hong Kong.”. The total consideration payable by the new company to acquire McDonald’s mainland China and Hong Kong business is up to US$2.08 billion (approximately HK$16.14 billion). CITIC owned 61.51 percent equity interests of FFHL indirectly while FFHL directly owned Grand Foods Holdings Limited which means that it owned 52 percent equity interest of McDonald's business in Hong Kong and the mainland. McDonald's Kempsey, Kempsey, New South Wales. More than 80% of McDonald's restaurants worldwide are owned and operated by independent local business men and women. A former professional baseball player who owns a string of McDonald’s restaurants is suing the fast food giant for racial discrimination. It has built one of the strongest brand names and most robust systems in the region over the past three decades. A McNugget resembling George Washington was sold on eBay for around $8,000 in 2012. While complexities arise in many transactions, the question of ownership of the business after the transaction is generally not in question. McDonald’s in China and Hong Kong is 52 percent owned by CITIC, while Carlyle has a 28 percent stake. McD App download and registration required. In Hong Kong, McDonald's venues have hosted weddings. On October 13, McDonald’s will add vegan SPAM to its menus across 280 locations in Hong Kong and Macau and an additional 122 McCafé outlets in the region. CITIC (0267) has sold 22 percent of its stake of McDonald's business in Hong Kong and mainland China for US$500 million (HK$3.9 billion). Yang, Managing Director and Co-Head of the Asia buyout team of The Carlyle Group, will serve as Vice Chairman of the board of the new company. Upon completion of the transaction, the new company will have a board of directors with representatives from CITIC, CITIC Capital, Carlyle and McDonald’s. Chinese state-backed conglomerate Citic Ltd., Citic Capital Holdings and U.S. private-equity firm Carlyle Group LP will acquire an 80 percent holding in …