Restaurant Brands International Inc. (RBI) has announced a joint venture with Chinese investment firm CPE to accelerate the expansion of Burger King in China.
The deal includes a $350 million capital injection from CPE to drive restaurant growth, marketing, menu innovation, and operational improvements across one of the world’s largest consumer markets.
The new entity, Burger King China, will build on the brand’s current base of around 1,250 outlets, with plans to double that number within five years and exceed 4,000 restaurants by 2035.
The initiative marks RBI’s most significant expansion move in Asia to date and supports the company’s ambition to achieve more than 5 per cent net restaurant growth by the end of its 2024–2028 outlook period.
CPE, a leading Chinese alternative asset manager with a track record of scaling global consumer brands locally, will hold an 83 per cent stake in the business, while RBI will retain 17 per cent and a seat on the board.
“China remains one of the most exciting long-term opportunities for Burger King globally,” said Joshua Kobza, CEO of RBI. “CPE is a well-capitalised, proven operator with exceptional leadership and extensive restaurant experience, making them an ideal partner to fuel the next chapter of Burger King China’s growth. Together, we can unlock the business’s full potential by combining our iconic brand and global scale with CPE’s local expertise.”
CPE Managing Director Mark Mao added: “Burger King is a world-renowned brand with enduring appeal among Chinese consumers. Our investment reflects our confidence in its long-term potential. Leveraging our deep understanding of the Chinese consumer, we aim to bring Burger King’s flame-grilled burgers to even more guests across the country.”
Under the agreement, a wholly owned affiliate of Burger King China will sign a 20-year master development contract, granting exclusive rights to develop and operate the brand across China.
The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals. Following completion, RBI will begin recognising royalties from the China business under its international segment, gradually moving to full royalty rates over time.
The joint venture represents a key step in RBI’s strategy to simplify operations and strengthen its primarily franchised business model worldwide.