Citic Pacific, the Hong Kong-listed arm of China’s biggest state-owned investment firm, will set aside US$2.6 billion for capital spending this year, the South China Morning Post reported. The money will be used to expand the firm’s mainland property, special steel and related raw materials businesses. Citic Pacific reported 31% growth in annual profits. The firm will spend about US$901 million on its Australian iron ore project and US$901 million on special steel and related raw materials, with the remainder going to mainland property projects. The largest investment in steel-related businesses will be in Citic Pacific’s iron ore project in Western Australia’s Pilbara region.