Burger King Worldwide Holdings Inc. has announced that it plans to open 1,000 restaurants in China over the next five to seven years, Reuters reported. Currently, there are 63 Burger King outlets there.
The restaurants will be opened by a newly formed joint venture between the Miami-based company, members of the Kurdoglu family and global private equity firm Cartesian Capital Group, Reuters reported.
The Kurdoglu family owns Burger King’s largest international franchisee, TAB Gida Industry & Trade Co., which operates more than 450 restaurants in Turkey, Bloomberg Businessweek reported.
According to Reuters:
Burger King said the deal represents the largest multi-unit development agreement in company history.
Ninety percent of Burger King’s more than 12,500 restaurants worldwide are franchised, Bloomberg Businessweek reported.
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Burger King is not the only fast-food chain making a big play for customers in China.
Yum Brands already operates 3,800 KFC restaurants and almost 700 Pizza Huts in China, Reuters reported. McDonald's plans to grow to 1,650 restaurants this year, and Starbucks is aiming to expand from 570 coffee shops to 1,500 locations in China by 2015.
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