RBI Chairman: New China venture gives us path to 5% global restaurant growth

China Market Expansion - Restaurant Brands International (RBI) is forming a joint venture with a Chinese alternative asset manager, CPE, to expand Burger King in China [1] - The goal is to grow Burger King China to over 4,000 restaurants by 2035 [1] - CPE is making a $350 million capital commitment to fuel growth in China [2] - The company's business in China experienced double-digit growth in the third quarter [2] - A local partner will help adapt to the Chinese consumer [6] US Market Performance - Burger King's same-store sales growth in the US was a little over 3% last quarter [6][7] - The company saw some choppiness in October [7] Industry Trends and Value Equation - There's a significant bifurcation in restaurant business performance, largely due to getting the value equation right [9][10] - Companies that have taken too much price over time are seeing consumers turn away [9][10] - The value equation includes great food, restaurant appearance, and service quality [12]