McDonald's to sell off 21% of its non-franchised outlets

McDONALD'S, the world's largest fast-food chain, plans to sell up to 21 per cent of its company-owned restaurants to franchisees over the next three years.

The announcement comes as McDonald's has been working to reduce its restaurant ownership so it can funnel more resources into fast-growing markets such as China, Russia and India. Most of the 1000-1500 restaurants will be sold to current franchisees, president and chief operating officer Ralph Alvarez said.

The restaurant chain has around 7000 of its network of 31,000 outlets still under its ownership.