Yum Brands and McDonald’s are changing offloading their respective China operations. In early September, Yum announced a sale of a slice of its China operations to private equity fund Primavera Capital Group and Ant Financial Services Group. The move is a step in the company’s plan to spin off its China operation and list it on the New York Stock Exchange separately. McDonald’s said in March it will sell 20-year franchise rights for its restaurants in China, Hong Kong and South Korea, a move that attracted suitors like US private equity firm Carlyle Group and Chinese state-backed conglomerate CITIC Group. The companies are “taking the chance to cash out during the market downturn and reduce risks in the regional business,” an investor told Caixin.