Final bids are in from at least three groups bidding for the McDonald’s China and Hong Kong business.

Private equity firms Carlyle Group and TPG Capital have teamed up with separate Chinese partners to bid for the business, said to be worth up to US$3 billion.

Carlyle has joined with Chinese state conglomerate Citic Group, while TPG has teamed up with mini-market group Wumart Stores for the 20-year franchise, insiders say.

Sanpower Group, which owns British department store House of Fraser, has also submitted an offer, partnering with Beijing Tourism Group, real estate firm .

McDonald’s is reorganising its business in Asia, bringing in partners as it switches to a less capital-intensive franchise model.

There is no confirmation that McDonald’s’ current China partner, Beijing Capital Agribusiness Group, in tandem with China Cinda Asset Management Co, had made a final offer when bidding closed his week.

Meanwhile Yum Brands, which runs the KFC, Pizza Hut and Taco Bell brands, has agreed to sell a $460 million stake in its China unit to investment firm Primavera Capital and an affiliate of Alibaba Group.