CHICAGO _ McDonald's is set to rapidly expand its business in China, planning to nearly double its restaurant count in the country by the end of 2022.
The growth plan is the result of a partnership with Chinese conglomerate CITIC Capital Partners and The Carlyle Group. McDonald's sold most of its China business to the investors in January. That deal, worth more than $2 billion, closed last week. McDonald's now holds a 20 percent stake in the business there.
The partnership will run and manage McDonald's across mainland China and Hong Kong.
The plan to add 2,000 new restaurants to the country's existing 2,500 would make China the burger giant's second-largest market after the United States. Japan is currently McDonald's biggest market after the U.S., with almost 3,000 restaurants. McDonald's has 14,000 restaurants in the U.S. and 36,000 worldwide.
McDonald's and its partner companies also plan to grow delivery coverage to about 75 percent of Chinese restaurants by the end of 2022, and bring the tally of "Experience of the Future" restaurants with kiosk ordering and table service to over 90 percent.
