The Film Development Fund had been running smoothly since the injection of $300 million by the Government and the expansion of its scope to finance film productions, the Film Development Council said today (February 17). The fund has so far approved nine film projects amounting to $25.44 million and two films are being released for public screening.
A spokesman for the Film Development Council said that two film projects which are partly financed by the fund were being released this month, with the premiere of "Give Love" today. The Secretary for Commerce and Economic Development, Mrs Rita Lau, will attend the event to show support and encouragement.
The spokesman said that a major objective of the Film Development Fund was to encourage more commercial investment in film productions, and to create more employment opportunities for local film makers.
"The fact that 'Give Love' is co-directed by a first-time director demonstrates that the fund is playing a significant promotional role in assisting local film productions as well as nurturing local film talent," the spokesman said. The film "Give Love" obtained government financing of $2,419,674 or 30% of the production budget.
The spokesman said the approved film projects were of different genres, including animation, Kung-fu, romance, ethical and suspense films. Some films had engaged novice film directors who were directing commercial films for the first time. At present, two film production financing applications are being processed.
"The local film industry and commercial investors should make the best use of the financing facility provided by the fund to produce more quality films of different genres, thereby adding more vitality to the local film industry, " the spokesman said.
To be eligible to make application under the fund, the film project should have a complete script with a production budget of not more than $12 million, and should employ a required number of local people. The Government's contribution is capped at 30% of the production budget, or a maximum of $3.6 million.
Application forms and the guide to application are available from the Film Development Council Secretariat at the 40th floor of Revenue Tower, 5 Gloucester Road, Wan Chai, Hong Kong. The information can be downloaded from (www.fdc.gov.hk/tc/services/services2.htm).
Ends/Tuesday, February 17, 2009