The Carlyle Group, McDonald's and CITIC Capital formed a joint venture in China that will act as the master franchisee responsible for McDonald’s businesses in mainland China and Hong Kong for a term of 20 years. CITIC and CITIC Capital hold a controlling stake of 52%, while Carlyle and McDonald’s have interests of 28% and 20%, respectively. "China and Hong Kong represent an enormous growth opportunity for McDonald’s. This new partnership will combine one of the world’s most powerful brands and our unparalleled quality standards with partners who have an unmatched understanding of the local markets and bring enhanced capabilities and new partnerships, all with a proven record of success. By working together, we will unlock even faster growth and be closer to the customers and communities we serve as McDonald’s works to be the leading Quick Service Restaurant across the Chinese mainland and Hong Kong," Steve Easterbrook, McDonald’s CEO.