Selected bidders for McDonald’s China and Hong Kong, including China Cinda Asset Management and dairy producer Beijing Sanyuan Foods, have been asked to make binding offers.

Also invited earlier to submit a second-round bid are Sanpower Group, which owns UK department store House of Fraser, and GreenTree Hospitality.

McDonald’s is selling 20-year mass franchise rights in China and Hong Kong, which could fetch $2 billion.

Illinois-based McDonald’s has hired Morgan Stanley to run the sale of about 2800 restaurants in China, Hong Kong and South Korea along with 20-year franchise rights. The South Korean McDonald’s business is also being sold, with local cinema and cafe operator CJ Group reportedly the front-runner at this stage.

McDonald’s announced in March that it was reorganising in Asia by bringing in partners to own restaurants within the franchise business. Competitor Yum Brands, which has the KFC and Pizza Hut chains, is also restructuring in China.