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Burger King’s Parent Strikes $350 Million China Joint Venture with CPE

By  |  November 10, 2025

Restaurant Brands International, the parent company of Burger King, has entered into a significant joint-venture agreement with Chinese private-equity firm CPE to inject fresh capital into its Burger King China operations and accelerate international growth, according to the Wall Street Journal.

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    Under the new partnership, CPE will invest $350 million to fund the opening of additional Burger King restaurants across China and to strengthen marketing, product innovation, and day-to-day operations. Per the Wall Street Journal, CPE will control an 83% stake in Burger King China, leaving Restaurant Brands with a 17% minority share.

    CPE, a Beijing-based firm known for early investments in the company behind the viral Labubu dolls, has pledged to double Burger King’s presence in China to roughly 2,500 locations within five years, and to reach at least 4,000 restaurants within a decade. According to the Wall Street Journal, this agreement provides Restaurant Brands with confidence that it can hit its target of 5% annual net restaurant growth globally by 2028.

    Restaurant Brands International—owner of Tim Hortons, Popeyes, and Firehouse Subs—recently reacquired full ownership of Burger King China, paying approximately $158 million in February to buy out previous local partners. At that time, the company announced plans to seek a new regional partner to reignite expansion.

    Chief Executive Officer Joshua Kobza told the Journal that strong local teams are vital to successful expansion in China, mirroring strategies other global restaurant chains have adopted. Earlier this month, Starbucks also announced a majority stake sale of its China business to Boyu Capital, reflecting a broader industry trend toward deeper local partnerships.

    Read more: Judge Allows Burger King Employee Antitrust Case to Proceed

    “China is one of the fastest-moving markets in the world, especially for [quick-service restaurants],” Kobza said. “The pace of change and the pace of innovation happens at an even faster pace than it does here in the U.S. and other places.”

    Founded in 2005, Burger King China expanded rapidly after forming a joint venture with Cartesian Capital Group and TFI Asia Holdings in 2012. Between 2012 and 2019, the chain opened more than 1,200 new outlets, making China its largest international market by restaurant count and one of Restaurant Brands’ strongest markets by sales, according to the Wall Street Journal. The Covid-19 pandemic, however, brought operations to a halt in 2020.

    Since regaining full ownership earlier this year, Restaurant Brands has focused on revitalizing its brand in China through renewed marketing efforts centered on its signature Whopper and a new chicken burger, the Krispper. In its most recent quarterly report, same-store sales for Burger King China rose 10.5% year over year—a sign, Kobza said, that the turnaround strategy is beginning to deliver results.

    Source: Wall Street Journal