Citic Pacific is set to launch its first Web site - CarNet. The site, to be launched today, will have a platform for the sale and purchase of new and used cars. It will also provide information on new car models and trends in the wider car business. Frances Yung, vice-president of Citic Pacific Communications, said the company would launch another CarNet Web site for the mainland market within three months. 'Citic Pacific also plans to launch a series of e-commerce related projects in the coming months,' said Ms Yung, the daughter of Citic Pacific chairman Larry Yung Chi-kin. Citic Pacific Communications, which registered in January, is the information and technology flagship of Citic Pacific. Citic Pacific has appointed Zhang Yichen, who formerly worked for Merrill Lynch, as chief executive, according to Ms Yung. All of Citic Pacific's information and technology projects, including its recently acquired optical-fibre telecommunications network and cable-television networks in big mainland cities, will be grouped under Citic Pacific Communications. Citic Pacific deputy managing director Peter Lee Chung-hing said Citic Pacific Communications has various investment vehicles, including Neticom, which directly owns and operates CarNet.