The U.S. fast food giant says it has struck a deal to ramp up its stake in its Chinese business to 48%.

The deal sees McDonald's buy out a 28% stake held by Carlyle investment group.

The move is in sharp contrast to other multinational corporations.

Many have pulled back investments in China or even left the market altogether due to geopolitical and economic worries.

But McDonald's chief executive Chris Kempczinski said Monday (November 20) that he believed there was no better time to capture higher demand in what he called its 'fastest growing market'.

Financial terms were not disclosed, but two sources said the deal values the China unit at around $6 billion.

That is far more than its valuation in 2017, when McDonald's agreed to sell 80% of the business for up to $2.1 billion.

Since then, the number of McDonald's stores in China has doubled to 5,500, and the country has become its second-largest market.

It aims to have more than 10,000 stores there within the next few years.

McDonald's further said the business has generated sales growth of more than 30% since September 2019.

A consortium led by state-supported conglomerate CITIC still has controlling ownership of the China business, with a 52% stake.