Burger King to open 1000 stores in China
2012-06-20 14:28:54
Burger King Worldwide Holdings, following the path of Yum Brands Inc, McDonald’s Corp and Starbucks Corp, said it plans to open 1000 restaurants in China over the next five to seven years under a newly-formed joint venture.
The company said the deal represents the largest multi-unit development agreement in company history. Its joint venture partners in the China deal are members of the Kurdoglu family, a long-time Burger King master franchisee, and Cartesian Capital Group, a global private equity firm. The agreement gives the group exclusive rights to expand the Burger King brand in China from 63 units currently.