McDonald’s is increasing its ownership stake in its China business from 20% to 48%. In 2017, the fast-food giant sold control of its restaurants in mainland China, Hong Kong and Macau to Carlyle and Citic. Since then, McDonald’s has doubled its footprint in China to more than 5,500 restaurants, making it the second-largest market by number of locations. The company has been struggling with sales since the Covid pandemic began, with China accounting for only about 4% of their total revenue, down 3.8% from the year prior. However, on their latest earnings call, McDonald’s CEO Chris Kempczinski noted that China is dealing with “slowing macroeconomic conditions and historically low consumer sentiment,” but the chain is still drawing in customers by promoting their burgers.