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.
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