HONG KONG, July 10 (Xinhuanet) -- Hong Kong Film Guarantee Fund has approved 1.25 million HK dollars (160,256 US dollars ) in loan guarantee for My Way Film Company's "Shaolin Vs Evil Dead II."
According to a government press release, Citic Ka Wah Bank agreed to provide 2.5 million HK dollars (320,512 US dollars) for the new film while the fund will guarantee 50 percent of the loan.
This is the eighth approval since the fund was launched in April 2003. Total commitment for film productions is about 9.12 million HK dollars (1.2 million US dollars) so far.
The fund provides loan guarantees to local lending institutions offering loans to film productions. The maximum guarantee for each film is 35 percent of the production budget or 2.62 million HK dollars (336,538 US dollars).
In March, the Legislative Council approved relaxation of the fund's eligibility criteria. Production companies should have produced at least two films in the past 10 years for commercial release in Hong Kong before applying for guarantees under the scheme.
The Hong Kong Special Administrative Region government has adopted a policy to promote cultural and creative industries.
At present, cultural and creative industries account for only about 4 percent of HK's GDP, compared with 8 percent in Britain. Enditem