Hang Lung Development has repatriated nearly $3 billion of its offshore deposits after the Government proposed exempting interest income on local deposits from profit tax.
The move comes after Lee Shau-kee's Henderson Land group and Li Ka-shing's Cheung Kong (Holdings) empire shifted more than $13 billion back to Hong Kong.
Hang Lung chairman Ronnie Chan Chi-chung said repatriating deposits would help ease the credit crunch and demonstrated the firm's confidence in Hong Kong's future.
Mr Chan refused to comment on the legal dispute with Sino Land and its then subsidiary, Mariner International Hotels, over the sale of a Tsuen Wan hotel development for $1.07 billion.
Sino Land claimed Hang Lung acted in breach of the contract that included the 'fundamental obligations' of proving good title to the property and developing a hotel on a site in Tsuen Wan.
Mr Chan said the company had booked $40 million, part of the $321 million deposit received in the deal, in its accounts last year.
Mr Chan expressed support for the Government's land-sale freeze despite the company missing opportunities to acquire land at bargain prices.