The Film Development Council of Hong Kong Tuesday announced that the upper limit of film financing will be raised to 15 million HK dollars (US$1.93 million) under the newly enhanced film development fund scheme.

From March 31, the council will increase the upper limit of film financing from 12 million HK dollars (US$1.54 million) to 15 million HK dollars and the contribution per film project from 30 percent to 35 percent. It will considered raising the contribution to 40 percent under special circumstances.

The new measures also include the removal of the 10-year time limit for the production of two completed films in respect of the applicant, the film director or producer. The applicant will be allowed to buy back the copyright of the film from the government five years after it has been theatrically released.

Chairman of the council Jack So said these measures have taken into account the industry's views and the experience of the fund's operation.

Film makers of small-to-medium budget productions are encouraged to make use of the fund to produce quality films of different genres and help nurture new talent, he added.

Since its launch in October, 2007, the fund has received 23 applications for financing film productions, of which 14 were approved with a total funding of 38.77 million HK dollars (US$4.99 million).