McDonald's sells China and Hong Kong operations to Citic,Carlyle group for $2.08 billion

US fast-food giant McDonald has announced to sell its businesses in mainland China and Hong Kong for $2.08 billion to Citic, a state-owned conglomerate, and the Carlyle Group, a private equity firm. Citic Limited, Citic Capital Holdings, Carlyle Group and McDonald's will form a company that will act as the franchisee responsible for the chain's business in mainland China and Hong Kong for 20 years.

Citic and Citic Capital will have a stake of 52%, Carlyle will take 28%, and McDonald's will hold 20% of the new company.