Restaurant Brands International announced a joint venture with Chinese alternative asset manager CPE, giving CPE 83% ownership and RBI 17% stake while RBI retains a board seat. The partnership is governed by a 20‑year master development agreement that grants the joint venture exclusive rights to develop Burger King in China.
CPE will inject $350 million in primary capital, earmarked for marketing, menu innovation, and opening new restaurants. The capital will support a target of expanding the brand from roughly 1,250 outlets to more than 4,000 by 2035, effectively tripling the footprint within a decade and doubling it within five years.
The deal reflects RBI’s broader strategy to simplify its business model and shift toward a highly franchised structure. By ceding day‑to‑day operations to CPE, RBI will transition to a royalty‑based model, gradually moving the Burger King China business into its International segment and freeing management to focus on brand and franchisee support.
The joint venture follows RBI’s earlier 2025 buy‑out of Burger King China for $158 million after a legal dispute with former partners. The move was intended to resolve operational challenges and restore growth momentum in a market dominated by McDonald’s, KFC, and local competitors. CPE’s local expertise and proven track record in scaling consumer brands in China are expected to address the operational hurdles that previously limited expansion.
RBI’s Q3 2025 results showed system‑wide sales growth of 6.9% year‑over‑year, driven largely by strong performance at Tim Hortons and its international segment. While the article does not detail Burger King China’s contribution, the joint venture is expected to lift the international segment’s revenue and profitability through higher royalty income and reduced operating costs.
Market reaction to the announcement was positive, with analysts noting the strategic clarity and the significant capital injection. The partnership is seen as a key catalyst for Burger King’s long‑term growth in China, a market that remains one of the most competitive and high‑potential fast‑food arenas.
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