Administered by the Hong Kong Film Development Council (FDC), the fund is designed to support small to medium-sized productions. McDull WuDang is budgeted at $1.54m (HK$12m), while Claustrophobia has a budget of $692,000 (HK$5.4m).
Each project will receive 30% of its budget from the fund, or a combined $667,000 (HK$5.2m).
'The two approved film projects are of different film types. It clearly demonstrates that the FDF scheme covers different film categories and production scales to meet various needs of the local film market,' said the convenor of the FDC's Fund Vetting Committee, Wilfred Wong.
He added that the other applications received by the council are being processed. Applications are first assessed by the Fund Vetting Committee, assisted by a panel of examiners who are industry professionals. The examiners assess the feasibility and marketability of each project.
'Each application is assessed by six examiners,' said Wong. 'The assessment report on the film project is submitted to the committee for consideration. We are grateful to the examiners for their valuable services which are provided on a voluntary basis and in the interest of the development of the Hong Kong film industry.'