Fast-food giant McDonald’s Corp (MCD.N) has received final bids from at least three groups for its China and Hong Kong outlets, with global private equity firms Carlyle Group (CG.O) and TPG Capital separately teaming up with Chinese partners for the business worth up to $3 billion, sources told Reuters.

Carlyle has joined with Chinese state conglomerate CITIC Group, while TPG has teamed up with mini-market operator Wumart Stores on their separate bids for the 20-year franchise, said the sources, who declined to be named.

Real estate firm Sanpower Group, which owns British department store House of Fraser, also made an offer for the assets, one of the sources said. The company has previously said it was teaming up with Beijing Tourism Group.

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