By Martin Mou

Chinese state-owned conglomerate Citic Group is selling part of its stake in McDonald's China operations for at least 2.17 billion yuan ($312.4 million).

Citic unit Starry Dream Investments Ltd. has put up a 42% stake in Fast Food Holdings Ltd., which controls McDonald's China operations, for sale on the Beijing Equity Exchange, according to a filing to the exchange on Wednesday.

Starry Dream Investments owns 62% of Fast Food Holdings while CCP Fast Food Holdings Ltd. holds the remaining 38% stake.

Citic and Carlyle Asia Partners bought a controlling interest in McDonald's Mainland China and Hong Kong businesses in 2017 from the U.S. fast-food chain operator for $2.08 billion.

Write to Martin Mou at martin.mou@wsj.com

(END) Dow Jones Newswires

January 08, 2020 02:56 ET (07:56 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
CITIC (PK) (USOTC:CTPCY)
Historical Stock Chart
From Dec 2024 to Jan 2025 Click Here for more CITIC (PK) Charts.
CITIC (PK) (USOTC:CTPCY)
Historical Stock Chart
From Jan 2024 to Jan 2025 Click Here for more CITIC (PK) Charts.