Beijing — On Tuesday, fast-food giant McDonald’s said it would almost double the number of restaurants in China over the next five years as it re-focuses on international markets amid slowing US sales. The Illinois-based burger chain will add 2,000 stores to its current 2,500 in China and aim for double-digit sales growth in each of the next five years, McDonald’s said in a statement. In particular, it will launch a foray into third-and fourth-tier cities, where it expects 45% of its China restaurants to be located by that time. More than 75% of its stores will offer delivery. It made the announcement while also saying it had finalised a strategic partnership with Chinese conglomerate CITIC Ltd and US-based investment firm Carlyle Group. McDonald’s announced earlier this year that it would form a company with CITIC, CITIC Capital Holdings and Carlyle Group to act as a franchisee for the chain’s business in mainland China and Hong Kong for 20 years. CITIC is a vast, Chinese state-own...
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