Business Update: First bid for McDonald’s China franchises confirmed

As the US fast food giant plans to franchise its factory outlets in the state the first bid has been validated for McDonald’s China and Hong Kong eateries. The Sanpower of China affirmed to the BBC it’d put in a joint bid with Beijing Tourism Group. There are more than 2,200 McDonald’s in China to start 1,250 more with plans.

In March, McDonald’s had said it’d reorganise its business in China, seeking to franchise its eateries. Media reports have indicated that the US firm has received more than half a dozen bids, that could raise just as much as $3bn (£2bn).