CPE to invest $350 million to expand Burger King China to over 4,000 stores by 2035

Restaurant Brands International Inc (RBI), one of the world's largest quick-service restaurant companies, announced on Monday a joint venture with Chinese investment firm CPE to accelerate Burger King's growth in China.

The deal aims to expand the brand's presence from around 1,250 restaurants to more than 4,000 by 2035.

Under the agreement, CPE will invest $350 million in new primary capital into the joint venture to support restaurant expansion, marketing, menu innovation, and operations across China — one of the world's fastest-growing consumer markets.

CPE, a leading Chinese alternative asset manager with a strong record of scaling consumer brands — such as Mixue Group, Laopu Gold, and Pop Mart — will hold an 83 percent ownership stake in the new venture. RBI will retain a 17 percent ownership stake and a seat on the board of directors.

The partnership will also see a wholly owned affiliate of Burger King China sign a 20-year master development agreement, granting it exclusive rights to develop and operate the Burger King brand in the Chinese market.

RBI said the deal will help double Burger King China's store count within five years and position the company to meet its broader goal of achieving more than 5 percent net restaurant growth toward the end of its 2024–2028 outlook period. The move is also part of RBI's long-term plan to transition toward a more simplified, highly franchised business model, the company said.

Following the transaction, RBI will begin recognizing royalties from the Burger King China business in its international segment, with a gradual step-up to the full royalty rate over time.

The transaction is expected to close in the first quarter of 2026, pending customary regulatory approvals.

RBI's portfolio includes four global quick-service restaurant brands: Burger King, Tim Hortons, Popeyes, and Firehouse Subs.