CHENGDU, Jan. 10 (NBD) -- Citic Limited (00267. HK), Citic Capital Holdings Limited and US investment firm The Carlyle Group will establish a joint venture for a 20-year franchise of McDonald's Corp's operations in Chinese mainland and Hong Kong, in a deal valuing as much as 2.08 billion US dollars.

The move signals the third overseas food giants, after Coca-Cola and Yum! Brands Inc, to be backed with Chinese capital. 

McDonald's archrival Yum! Brands Inc spun off its China business last year, but introduced investment from Primavera Capital Group and Ant Financial Services Group. Yum China was listed on the New York Stock Exchange, following the separation from Yum! Brands. McDonald's China expressed that it has no intention currently to be listed. 

Email: zengyunheng@nbd.com.cn