Burger King and CPE Finalize Joint Venture to Accelerate China Expansion

Strategic Partnership for Growth

Restaurant Brands International (RBI) and Chinese alternative asset manager CPE have officially completed a joint venture aimed at significantly expanding the presence of Burger King in China. The deal, finalized on February 2, 2026, sees CPE investing $350 million in primary capital into the new entity. This strategic move is designed to propel Burger King's growth, with an ambitious target to increase its restaurant count in the country from approximately 1,250 locations to over 4,000 by the year 2035.

Investment and Ownership Structure

Under the terms of the joint venture, CPE now holds a majority stake of approximately 83% in Burger King China. RBI, the parent company of Burger King, retains a 17% minority interest and a seat on the board of directors. The $350 million investment from CPE is earmarked to support various aspects of this expansion, including:

• Restaurant development
• Marketing initiatives
• Menu innovation
• Operational enhancements

This capital injection and partnership are expected to double the number of Burger King outlets in China within five years, as part of the broader 2035 goal.

Long-Term Vision for the Chinese Market

The joint venture also includes a 20-year master development agreement, granting the new entity exclusive rights to develop the Burger King brand across China. This long-term commitment underscores the importance of the Chinese market to Burger King's global strategy. Josh Kobza, Chief Executive Officer of Restaurant Brands International, stated that 'China remains one of the most important long-term growth opportunities for the Burger King brand globally.' He further added that with CPE as a partner and a clear strategy focused on food quality, restaurant execution, and brand relevance, Burger King China is 'well positioned to build a high-quality, sustainable business.'

Market Context and Future Outlook

Burger King first entered the Chinese market in 2005. Despite its early entry, the brand has historically trailed behind major competitors like McDonald's and KFC in the vast Chinese consumer market. RBI had previously taken steps to regain full control of Burger King China in early 2025 by buying out prior joint venture partners, aiming to stabilize operations before seeking a new local partner. This new partnership with CPE, an Asia-based alternative asset manager with approximately $22 billion in assets under management, combines Burger King's global brand with CPE's deep local market expertise, creating a strong foundation for accelerated growth.