Foreign restaurants make good profits in China

Home>>Business

Last updated at: (Beijing Time) Wednesday, March 17, 2004

Foreign restaurants make good profits in China

Five foreign and joint venture restaurants in the top 100 restaurants in China reported an operating revenue of 15.84 billion yuan (1.92 billion US dollars) last year.

DISCUSSION

CHINESE

SEND TO FRIEND

Five foreign and joint venture restaurants in the top 100 restaurants in China reported an operating revenue of 15.84 billion yuan (1.92 billion US dollars) last year.

Their operating revenue accounted for around one-third of the total of the top 100 restaurants, said the China Cuisine Association (CCA) Tuesday.

The top 100 restaurants in China earned 52.8 billion yuan (6.38 billion US dollars) in 2003, a year-on-year rise of 31.3 percent, and contributed to around 8.7 percent of the industry's total operating revenue, the CCA source said.

Foreign restaurant companies have increased turnover in China, the CCA source said.

Yum! Brands Inc., running KFC and Pizzahut, released an operating revenue of 9.3 billion yuan (1.12 billion US dollars) in China last year, up 31 percent over 2002, the CCA said. It added 233 chain restaurants to its 1,130 in China last year, among which some 1,000 were KFC outlets.

Its major rival MacDonald's totaled about 600 chain restaurants by the end of last year.

Both Yum! Brands Inc. and MacDonald's are expanding business from big cities to medium and small cities in China, the CCA source said.

Restaurants gained an revenue of 600 billion yuan (72.55 billion US dollars) last year in China, up 11.6 percent over 2002, despite a slump last spring caused by SARS outbreak, according to the CCA.

Their revenue accounted for 13.2 percent of total Chinese consumer spending last year, the CCA said.

Hotpot restaurants were the hottest business in China last year.Of the top 100 restaurants, 17 were hotpot restaurants with a total operating revenue of 13.58 billion yuan (1.64 billion US dollars), the CCA said.

Source: Xinhua

Questions?Comments? Click here

McDonald's signs sponsorship deal with Yao Ming

Yonghe King plans 1,000 new chain stores nationwide

Indian navy to have two aircraft carriers by 2011 ( 4 Messages)

What's the meaning of Bush & Blair nominated as candidates for Nobel Peace Prize? ( 31 Messages)

Study: Americans eating themselves to death ( 7 Messages)

Japanese PM's remark on shrine visit leads to long-term cold relations with China: Kyodo ( 10 Messages)

French Presidents' China complex ( 4 Messages)