In China, Burger King encountered laws requiring that it either form a joint venture with a Chinese firm or own and operate two or more stores for at least a year before starting franchise operations. The company chose the latter alternative, which delayed its start of franchising. Later, finding potential franchisees with sufficient financial and restaurant capabilities was difficult, particularly since the franchise concept was rather new to China. (Some of its competitors, mainly Yum Brands and McDonald's, made joint venture investments and expanded with owned stores.) In 2012 Burger King announced the formation of a three-partner JV to serve the Chinese market. One partner, the Carpesian Capital Group, is global private equity company specializing in developing country investments. The other is the Korduglu family from Turkey, which is Burger King's largest franchisee outside the United States. Its plan is to open restaurants in China within five to seven years.