Hong Kong's Film Development Fund has approved 10 of 17 applications for financing film productions, with a total funding of HKD27.2m (USD3.50m), Secretary for Commerce and Economic Development Rita Lau announced.
Ms Lau told lawmakers on March 12 that the financing scheme will provide funding support to encourage commercial investment in film productions, create job opportunities, and nurture new directors and other industry talent to revitalize the local film industry.
Two of the approved films have been released in theatres in Hong Kong and the Mainland, while the rest will be released in the next few months. The approved films involved six novice directors who are directing their first commercial films.
Some of the films have been nominated to participate in the Hong Kong Film Awards and in international film festivals, including the Tokyo Film Festival, the Berlin International Film Festival and the Golden Horse Awards Competition in Taiwan.
Two applications are being processed, two have been withdrawn, while three were rejected. Twenty-four applications for financing other film-related projects were approved, involving HKD38.22m (USD4.9m)
At the end of February, the fund had a balance of about HKD240m (USD30.9m) - a figure that's believed to be enough for use in the next few years. The government will consider seeking more funds if there is not enough to cater for actual needs.
Ms Lau concluded that there is no plan to revise the maximum contribution ratio for funding film productions, or to abolish the profit-sharing requirement, explaining that the government will shortly begin a wide consultation with the film industry to review the fund's operation.
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