CHINA

McDonald’s to Expand: The Oakbrook, Ill.-based company said it has exercised an option to buy out its joint venture in Hong Kong as part of a plan to open about 600 of its fast-food restaurants in China over the next decade. McDonald Corp. said it will retain longtime joint venture partner Daniel Ng Yat Chiu as its new chairman in Hong Kong after buying him out. The company did not release financial terms of the deal for Ng’s unspecified stake in the Hong Kong venture, which was formed in 1975.