The Hong Kong Film Development Council (HKFDC) has revamped its film financing program with the launch of a new scheme to support the local industry through the turbulent post-pandemic market.
The new scheme, “Film Production Finance Scheme 2.0”, is already active and reinforces the “Relaxation Plan” introduced by the Hong Kong Development Commission during the peak of the epidemic in mid-July 2020. Film production in Hong Kong has been halted during the epidemic, due to strict border controls and anti-Covid measures, While the industry has been busy over the past few years, the market has not recovered to pre-pandemic levels.
The relaxation plan aims to increase local film production and create more jobs and development opportunities. It has financed 23 film projects in Hong Kong, including… Guilty consciencewhich grossed $12.8 million (HK$100 million) in 2023 and is now the second highest-grossing film of all time at the Hong Kong box office. Other projects funded by the scheme, including the Philip Young project Daddybased on a true family tragedy, premiered at the Tokyo Film Festival last year; and Jill Leung’s romantic drama Your last songalso achieved encouraging results at the box office.
Finance 2.0 retains many elements of the scheme with some improvements. It will continue to provide support and incentives to film projects with a production budget of no more than $3.2 million (HK$25 million), but will increase the maximum government contribution from $1.16 million (HK$9 million) to $1.28 million (HK$10 million). Kong). All applications with passing scores will be provided with the maximum funding amount, i.e. 40% of the approved production budget, up to a maximum of $1.28 million (HK$10 million).
The scheme will not be time limited and funding will be disbursed at an early stage – the amount of government funding received will increase from 50% to 70% when principal photography commences to improve production cash flow. In addition, the program will increase the quota of major applicants and funders from two to four; Giving investors priority to recover half of their investments to encourage investment and reduce risks.
“Since its launch in 2020, the relaxation scheme has funded 23 film production projects, many of which have been well received,” said Wilfred Wong, Chairman of HKFDC. “The Optimal Financing 2.0 program will enhance the attractiveness of the financing plan, and will provide a strong boost to the film industry. I believe it will bring positive and active developments in terms of volume and genre diversity in future film production.
Although the project was not funded, Hong Kong has recently achieved great success The last danceabout a Taoist priest and a wedding planner who team up to run a funeral business, is currently the highest-grossing Hong Kong film of all time with $18.3 million. However, Hong Kong’s box office in 2024 was down 6% from the previous year and about 30% lower than the pre-pandemic year in 2019.
