ENG-2011 — Page 456

392 | Recreation, Sport and the Arts

A sum of $1.5 billion was injected into the arts portion of the Arts and Sport. Development Fund in 2010-11 as seed money. The annual investment from its returns will be used to subsidise the long-term development of the arts and culture. Based on an annual return of around 4 per cent, the estimated annual return from investments is about $60 million in the long term. A new funding scheme, the 'Arts Capacity Development Funding Scheme', was launched in June 2011 to complement existing cultural and arts funding schemes and to promote public-private partnership in the local arts development. An annual provision of approximately $30 million will be disbursed under the scheme as 'Springboard Grants', or matching grants that support arts groups in overall development, and 'Project Grants', which are direct grants, both serving to enhance capacity development of local artists and arts. groups.

To further support the development of Cantonese opera, the Government injected $69 million into the Cantonese Opera Development Fund in 2010-11 to subsidise more projects and new initiatives for preserving, promoting and developing Cantonese opera. Nine million dollars has been allocated to support two budding troupes under the second 'Hong Kong Cantonese Opera Troupe for New Talents' Three-Year Grant Scheme to nurture more new talents for Cantonese opera. Since its inception in 2005 up till the end of 2011, the Cantonese Opera Development Fund had granted financial support amounting to about $49 million to some 410 Cantonese opera projects.

Funding for the Major Performing Arts Groups

The Home Affairs Bureau provides regular funding for nine major performing arts groups which include the Chung Ying Theatre Company, the City Contemporary Dance Company, the Hong Kong Ballet, the Hong Kong Chinese Orchestra, the Hong Kong Dance Company, the Hong Kong Philharmonic Orchestra, the Hong Kong Repertory Theatre, the Hong Kong Sinfonietta, and the Zuni Icosahedron, who together received about $264 million in 2010-11.

Capital Funding

The Government also builds and operates venues for arts and cultural performances, public libraries and museums.

There were 15 performance venues of varying sizes in Hong Kong in 2011. The conversion work of Yau Ma Tei Theatre and Red Brick Building into a xiqu (different forms of Chinese opera) centre has been completed and the new facility is expected to be opened in mid-2012. An annex to Ko Shan Theatre is being built to accommodate a 600-seat theatre. In addition, a major performing arts venue in Kwun Tong to serve East Kowloon is being planned while a feasibility study on building another performance venue to serve the New Territories East region has been completed.

The Government also manages 14 public museums, the Hong Kong Film Archive, two heritage centres and the Art Promotion Office and operates a network of public libraries, comprising 67 static and 10 mobile ones. Reprovision of some