The following is issued on behalf of the Hong Kong Film Development Council:
The Government introduced the time-limited Film Production Financing Scheme (Relaxation Plan) (Relaxation Plan) under the Film Development Fund in mid-July 2020 to increase local film productions in the short term and create more job and development opportunities. Since its introduction, the Relaxation Plan has been well received by the industry. The application deadline has been extended until today (January 14).
Taking into consideration the latest developments in the industry, as well as views from various parties, the Government has consolidated the implementation experience and conducted a review on the Relaxation Plan. The Government will launch the Film Production Financing Scheme 2.0 (Financing Scheme 2.0) starting from tomorrow (January 15) with a view to continue providing subsidies and incentives to film projects with a production budget not exceeding $25 million, thereby promoting the sector's long-term development.
The Financing Scheme 2.0 will not be time limited. It will retain and optimise several facilitation measures, including:
- increasing the Government's maximum financing amount from $9 million to $10 million. All applications with passing scores will be provided with the maximum financing amount, i.e. 40 per cent of the approved production budget, with a cap of $10 million;
- disbursing funding at an earlier stage, the amount of government funding received will increase from 50 per cent to 70 per cent upon commencement of the principal photography to improve the cash flow for production;
- increasing the quota for applicants and main financiers from two to four; and
- giving investors priority to recover half of their investment to encourage investment and reduce risk.
The Chairman of the Hong Kong Film Development Council, Dr Wilfred Wong, said, "Since its launch in 2020, the Relaxation Plan 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 $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."
Details of the Financing Scheme 2.0, including application forms and guidelines, will be uploaded to the FDC's website (www.fdc.gov.hk/en/fpfs) on January 15.
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