MANILA -- Philippine fast food chain operator Jollibee Foods on Wednesday said it will inject over $60 million into its dim sum chain, Tim Ho Wan, to expand in mainland China, where strict COVID-19 lockdowns have battered the restaurant industry.
Jollibee, which aims to join the likes of McDonald's and Yum Brands as one of the world's largest quick-service restaurant companies, has seen its business rebound as economies reopen. But recovery in China has hit a snag due to President Xi Jinping's zero-COVID strategy, which relies on lockdowns and wide-scale testing to fight outbreaks.
