Hong Kong has introduced measures to revive a film industry suffering from piracy and the Asian currency crisis.
On Monday, a team will travel to Beijing to lobby for the opening up of the distribution market, while the Hong Kong International Film Market (Filmart '98) will begin later this month.
Chief representative of the Motion Picture Industry Association, Woody Tsung Wan-chi, said more than 50 per cent of the contracts signed on films were on hold.
'The Southeast Asian market has totally collapsed because of the depreciation of the currencies. They can't afford to pay the royalties,' Mr Tsung said.
He said about 60 per cent of Hong Kong's film industry revenue came from overseas, of which Asia accounted for 70 per cent.
Mr Tsung said fewer than 60 films would be made this year compared with 90 last year because producers were reluctant to start new projects.
