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The government will launch an enhanced Film Production Financing Scheme starting from Wednesday to continue supporting film projects with a production budget not exceeding HK$25 million, with the maximum financing amount increased from HK$9 million to HK$10 million.
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The Hong Kong Film Development Council said the Film Production Financing Scheme 2.0 will not be time-limited and will retain and optimise several facilitation measures.
Under the enhanced scheme, the government's maximum financing amount will be increased from HK$9 million to HK$10 million. All applications with passing scores will be provided with the maximum financing amount - 40 percent of the approved production budget, with a cap of HK$10 million.
The new scheme will also see the funding disbursed at an earlier stage. The amount of government funding received will increase from 50 percent to 70 percent upon commencement of the principal photography to improve the cash flow for production.
Meanwhile, the quota for applicants and main financiers will be increased from two to four; and investors will be given priority to recover half of their investment to encourage investment and reduce risk.
Chairman of the Hong Kong Film Development Council Wilfred Wong said since the time-limited Film Production Financing Schemes’ launch in 2020, it has funded 23 film production projects, many of which have been well received.
“Among the funded projects, 'A Guilty Conscience' set a record as the first-ever local film in Hong Kong to surpass HK$100 million at the box office, making it the highest-grossing Chinese film in Hong Kong in 2023. Recently released 'Papa' and 'Last Song For You', which were also funded projects under the Relaxation Plan, have achieved excellent box office results and are well-loved by audiences.
“The optimised Financing Scheme 2.0 will further enhance the attractiveness of the financing scheme, and provide a strong boost to the film industry. I believe that it will bring positive and active developments in volume and genre diversity in future film productions,” said Wong.
