Jollibee to open Tim Ho Wan restaurants in China
Filipino restaurant operator Jollibee Foods Corporation (JFC) has signed a joint venture agreement with Dim Sum to operate Tim Ho Wan restaurants in China.
JFC’s wholly-owned subsidiary Golden Plate will own 60 per cent of the joint venture and Dim Sun will own the remaining 40 per cent. The two companies have committed to invest US$13 million in the venture, of which up to US$7.8 million will be contributed by GPPL.
Tim Ho Wan is a dim sum-restaurant chain which originated in Hong Kong in 2009 where its Sham Shui Po outlet at 9 Fuk Wing Street has been awarded one Michelin star since 2010.
A wholly owned subsidiary of Titan Dining Holdings, Dim Sun already owns and operates Tim Ho Wan restaurants in Singapore.
Currently, JFC operates three Chinese restaurant brands including Chowking, Yonghe King and Hong Zhuang Yuan. The company said that the three brands combined account for close to 20 per cent of its systemwide sales.
JFC operates 3238 restaurants across the Philippines, making it the largest restaurant operator in the country. Its brands include Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Burger King and Pho24.
Overseas, JFC has 1451 restaurants across its brands Yonghe King, Hong Zhuang Yuan, Dunkin’ Donuts, Jollibee, Red Ribbon, Chowking, Highlands Coffee, Pho24, Hard Rock and Smashburger.
Earlier this year, it has acquired Los Angeles-based The Coffee Bean & Tea Leaf.