Busan: Asian Project Market Awards Go to Emerging Filmmakers

'Old Dog' by Tibetan-Chinese filmmaker Pema Tseden, this year's winner of the Heyi Film & Youku Tudou Award

Young Asian filmmakers took home the South Korean festival's top funding prizes

The 19th Busan International Film Festival's nine Asian Project Market (APM) prizes went to up-and-coming filmmakers from diverse parts of the region, contrary to last year when big established names close to home won the cash awards.

The ceremony for Asia's largest investment and co-production market took place Wednesday evening after a three-day run featuring 30 titles from across Asia.

Read more 'Gentle': Busan Review

The Busan Award ($20,000), awarded by the Busan metropolitan government, went to Full-Moon Party, a father-and-son tale by Phan Dang Di, a Cannes-winning filmmaker who has been noted as a pioneer of Vietnamese independent cinema.

The newly introduced Heyi Film & Youku Tudou Award ($30,000) went to The Killer by Pema Tseden, the Chinese filmmaker known for tapping into his ethnic Tibetan roots through works like Old Dog.

"We are looking to establish an open and cooperative platform with the Korean film industry. So taking part in Asia Project Market this year was exciting for us," a spokesperson for Heyi Film, the film division of Chinese media giant Youku Tudou, told The Hollywood Reporter.

The Moneff Award ($30,000 worth of post-production service and facilities) went to China's Sixty Nine by Zhang Chi. The CJ Entertainment Award went to Indonesia's A Copy of My Mind by Joko Anwar, while the Lotte Award was given to Dora by South Korean newcomer July Jung, whose feature debut A Girl Next Door was invited to Cannes this year.

Read more 'Cruel': Busan Review

Korean director Shin Suwon's Blue Sunset was selected for the KOCCA Award ($10,000). Her film Pluto was invited to the Busan festival in 2012. Cambodian director Davy Chou's Diamond Island was selected for the ARTE International Prize (6,000 euros).

Offering crowd funding, the Funding21 Award was handed out to the Korean project UNEXCHANGEABLE by Roh Gyeong-tae and Lee Woo. Turkish director Yesim Ustaoglu’s Clair-obscur took home the Creative Director Award given out by the festival ($10,000).