This article only represents the author's own views.
When the Carlyle Group (CG.US), Citic Ltd. (0267.HK), and Citic Capital Holdings agreed to buy, operate and manage McDonald's Corp.’s (MCD.N) massive China and Hong Kong restaurant network in 2017, they held out big hopes for ramping up the Golden Arches' presence in one of the world's fastest-growing consumer markets.
Now, that partnership is showing signs of cooling, following reports last week that Carlyle and the two Citic entities were looking to sell down their stakes in McDonald’s largest franchisee outside the U.S. The step isn’t completely unexpected in the current climate, but still marks a sharp departure from the early great expectations expressed by both sides.
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