中信收購(gòu)麥當(dāng)勞中國(guó)業(yè)務(wù)，未來瞄準(zhǔn)三四線城市

HONG KONG — McDonald’s said on Monday that it would sell its businesses in mainland China and Hong Kong for $2.08 billion to Citic, a state-owned conglomerate, and the Carlyle Group, a private equity firm.

香港——麥當(dāng)勞(McDonald’s)周日表示，將把公司在中國(guó)大陸和香港的業(yè)務(wù)以20.8億美元的價(jià)格出售給國(guó)有企業(yè)集團(tuán)中信和私募股權(quán)公司凱雷集團(tuán)(Carlyle Group)。

The deal gives Citic and Carlyle franchise rights for 20 years. Citic and its investment arm, Citic Capital, will have a controlling stake of 52 percent, while Carlyle will take 28 percent. McDonald’s will retain the remaining fifth of the company.

這筆交易讓中信和凱雷拿到了為期20年的特許經(jīng)營(yíng)權(quán)。中信及其旗下投資公司中信資本將持有52%的控股權(quán)，凱雷則將占股28%。麥當(dāng)勞將保留其余20%的股權(quán)。

“China and Hong Kong represent an enormous growth opportunity for McDonald’s,” Steve Easterbrook, McDonald’s chief executive, said in a news release. “This new partnership will combine one of the world’s most powerful brands and our unparalleled quality standards with partners who have an unmatched understanding of the local markets.”

“中國(guó)大陸和香港蘊(yùn)藏著巨大商機(jī)，”麥當(dāng)勞首席執(zhí)行官史蒂夫·伊斯特布魯克(Steve Easterbrook)在一份新聞稿中表示。“麥當(dāng)勞是全球最知名的品牌之一，也是行業(yè)質(zhì)量標(biāo)桿。我們的合作伙伴對(duì)中國(guó)市場(chǎng)有著全面的了解，各方攜手能進(jìn)一步提升競(jìng)爭(zhēng)力。”

Mr. Easterbrook, who took over in 2015 and set about turning the company around, has seen it regain its financial footing recently, although growth has slowed.

于2015年走馬上任并開始帶領(lǐng)麥當(dāng)勞轉(zhuǎn)型的伊斯特布魯克，近來已經(jīng)看到公司的財(cái)務(wù)基礎(chǔ)重新變得穩(wěn)固起來，盡管增長(zhǎng)依然頗為緩慢。

The turnaround plan announced involved making 95 percent of its restaurants franchises, including more than 1,750 in China and Hong Kong. McDonald’s operates and franchises more than 2,400 restaurants in mainland China and more than 240 in Hong Kong.

麥當(dāng)勞公布的轉(zhuǎn)型計(jì)劃涉及將特許經(jīng)營(yíng)門店比例提高到95%，其中包括中國(guó)大陸和香港的逾1750家。麥當(dāng)勞在中國(guó)大陸有超過2400家直營(yíng)和特許經(jīng)營(yíng)門店，在香港有超過240家。

McDonald’s opted for a franchise deal to save on investing and modernizing stores itself, according to Ben Cavender, a senior analyst at China Market Research, a consultancy based in Shanghai.

上海的咨詢公司中國(guó)市場(chǎng)研究集團(tuán)(China Market Research)高級(jí)分析師本·卡文德爾(Ben Cavender)稱，麥當(dāng)勞選擇以一項(xiàng)特許經(jīng)營(yíng)權(quán)交易來省去自行投資和更新門店的麻煩。

“At the end of the day they can make more money,” Mr. Cavender said before the announcement. “They can be more profitable if they are asset light and make money off franchise fees and leave the heavy lifting to somebody else.”

“到頭來他們可以賺到更多的錢，”卡文德爾在消息公布前表示。“如果把重?fù)?dān)交給其他什么人，讓資產(chǎn)變輕，并賺取特許經(jīng)營(yíng)費(fèi)，他們就能有更高的利潤(rùn)率。”

The consortium said it planned to focus on opening new restaurants in third- and fourth-tier cities. For Citic, the investment was seen as a way to tap into rising disposable incomes in China. Chang Zhenming, the chairman of Citic, said the deal was a “strategic opportunity for Citic to invest in the expanding Chinese consumer sector.”

新結(jié)成的聯(lián)盟稱，打算把在三四線城市開設(shè)新門店作為重點(diǎn)。中國(guó)家庭的可支配收入正日益增長(zhǎng)，中信希望利用這筆投資從中分得一杯羹。中信董事長(zhǎng)常振明表示，此次合作是“中信布局消費(fèi)領(lǐng)域的一個(gè)良好機(jī)遇”。

If McDonald’s moved into smaller cities, there could be opportunities for growth, said Joel Silverstein, president of the consultancy East West Hospitality Group.

咨詢公司東西友好集團(tuán)(East West Hospitality Group)總裁喬爾·西爾弗斯坦(Joel Silverstein)說，如果麥當(dāng)勞向更小的城市進(jìn)軍，可能會(huì)有巨大的增長(zhǎng)機(jī)會(huì)。

“McDonald’s definitely has much more developmental potential ahead of it compared to Yum,” Mr. Silverstein said ahead of the announcement, referring to the fast food group that owns KFC and Pizza Hut. “KFC has gone into Tier 3 or 4 cities, where McDonald’s hasn’t expanded nearly to that extent yet.”

“與百盛(Yum)相比，麥當(dāng)勞顯然有著更大的發(fā)展?jié)摿Γ?rdquo;西爾弗斯坦在消息宣布前表示。百盛是擁有肯德基(KFC)和必勝客(Pizza Hut)的快餐集團(tuán)。“肯德基已經(jīng)進(jìn)入了三四線城市，而麥當(dāng)勞遠(yuǎn)沒擴(kuò)張到那種程度。”

In the 1990s, Chinese consumers flocked to Western fast-food chains, drawn to them by their clean bathrooms and air-conditioning — a novelty in China at that time. But since then, restaurants like McDonald’s and KFC have struggled against increasing competition from a boom in quick-service Chinese restaurant chains and a shift toward healthier eating.

上世紀(jì)90年代，中國(guó)消費(fèi)者受整潔的衛(wèi)生間和空調(diào)的吸引，紛紛涌入西方快餐連鎖店——這些在當(dāng)時(shí)的中國(guó)還是新鮮事物。但自那以后，由于中國(guó)本土快餐連鎖店的繁榮讓競(jìng)爭(zhēng)變得日益競(jìng)爭(zhēng)，再加上消費(fèi)者轉(zhuǎn)而尋求更健康的飲食，麥當(dāng)勞、肯德基之類的餐廳一直在掙扎求存。

Yum split off its Chinese operations into a separate company in 2015, after falling sales and food safety issues. It has struggled to keep up with changing customer tastes and competition from both local and international players.

在銷售額不斷下降并出現(xiàn)食品安全問題以后，百盛于2015年將其中國(guó)業(yè)務(wù)剝離為一個(gè)獨(dú)立的公司。它一直難以跟上消費(fèi)者不斷變化的口味，也難以應(yīng)對(duì)來自本土和國(guó)際同行的競(jìng)爭(zhēng)。

Still, there was concern about how McDonald’s could expand and retain customers.

不過，人們對(duì)麥當(dāng)勞如何才能擴(kuò)大消費(fèi)群體并留住消費(fèi)者抱有疑慮。

Chinese people are not “great burger eaters to the extent that they like fast food chicken,” Mr. Cavender at China Market Research said.

中國(guó)市場(chǎng)研究集團(tuán)的卡文德爾說，“和漢堡包相比”，中國(guó)人“更愛吃快餐雞肉”。