McDonald’s Corp has received three final bids from Carlyle Group (CG), Chinese state conglomerate CITIC Group, and TPG Capital for its China and Hong Kong outlets.

Carlyle Group partnered with Chinese state conglomerate CITIC Group, and TPG joined with mini-market operator Wumart Stores on their separate bids for the fast-food chain giant. McDonald’s current China partner Beijing Capital Agribusiness Group and China Cinda Asset Management were also on the run, but it is unclear if they made final offers.

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Based on the final bids, it is predicted that McDonald’s may end up working with unlikeliest of franchise partners. CITIC has little experience in the restaurant business. According to sources familiar with the matter, the CITIC-Carlyle team is seen as most likely to win the bid, according to Reuters.

Illinois-based McDonald’s previously announced that it aims to reorganize its franchise business in Asia, working with partners while switching to a less capital-intensive franchise model. McDonald's prefers long-term partners because buyout firms usually cash out after a few years. The company has hired Morgan Stanley to manage the sale of its estimated 2,400 restaurants in China and Hong Kong.

This new deal comes as fast-food operators, such as McDonald's and rival Yum Brands, are recovering from a series of food-supply scandals in China. Analysts say that partnering with local partners would help these foreign fast food operators in finding the way to work out supply issues.

“With the involvement of Chinese partners, it will make thing easier,” said Alex Wong, a director at Ample Finance Group.

McDonald's operation both in China and Hong Kong could be worth as much as $3 billion, Fortune reported.

TagsMcdonalds, Mcdo, McDonald's China, Mcdo China, McDonalds Hong Kong, Yums, KFC, Carlyle Group, citic group, TPG Captial, Sanpower, Mcdo Asia