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BEIJING-Fast-food retailer McDonald's has signed a deal with Wanda Group, a property developer based in the northeastern Chinese city of Dalian. The deal is to develop on a joint-venture basis new stores across China.
This is the second major development agreement McDonald's has secured in China. Last month the company revealed that it had signed a deal with China's largest gas retailer, state-owned Sinopec, to build drive-through outlets at filling stations. The Sinopec deal gives McDonald's access to nearly 3,000 sites across the country.
The two deals form part of a strategy of opening 100 outlets a year in China. "Our latest partnership with Wanda Group demonstrates our more ambitious growth strategy for the China market and shows our commitment to being a pioneer in drive-through business here," McDonald's officials said in a statement. It added that financial arrangements and possible site locations are still under negotiation between the two sides.
"Wanda's position in commercial real estate in cities such as Chengdu, Xian, Suzhou and Chongqing will also expedite growth of our traditional and drive-through restaurant business," the statement added.
Last month, the world's largest fast food chain announced plans to open 100 new restaurants annually in China beginning next year. Half the new locations would have drive-throughs.
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