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First McDonald's franchise bid announced in China

The first bid has been confirmed for McDonald's China and Hong Kong restaurants. The fast food giant is planning to franchise outlets in the Middle Kingdom.

China's Sanpower confirmed to the BBC it had put in a joint bid with Beijing Tourism Group.

There are more than 2,200 McDonald's in China with plans to open 1,250 more.
In March, McDonald's had said it would reorganise its business in China, seeking to franchise its restaurants.

Media reports have suggested that the US company has received more than half a dozen bids, which could raise as much as $3bn (£2bn).

Competitor Yum Brands, the owner of KFC and Pizza Hut, is also restructuring its China business, with plans to spin it off ahead of a likely initial public offering (IPO) of shares in 2017.

Source: BBC News