McDonald’s has announced that it will increase its minority share ownership in its China business from 20% to 48%. In 2017, the fast-food giant sold control of its restaurants in mainland China, Hong Kong, and Macau to Carlyle and Citic. Since then, McDonald’s has doubled its footprint in China to more than 5,500 locations. However, sales in China have struggled since the Covid pandemic began. The country accounts for about 4% of the chain’s total revenue, down 3.8% from the year prior. To further benefit from the growth potential of the market, McDonald’s is buying Carlyle’s stake in its China business for an undisclosed amount. The deal is expected to close in the first quarter of 2024 and will increase McDonald’s minority share from 20% to 48%.